Final answer:
An agency agreement can be terminated by mutual agreement by all parties involved. Unilateral termination by the seller or the broker may be possible but is dependent on the specific terms of the contract. Exclusive deals, like agency agreements, may also have termination clauses based on competition legality or other stipulations.
Step-by-step explanation:
The termination of an agency agreement can occur under various circumstances, which may involve unilateral or mutual decisions. However, when it comes down to an agency agreement, which typically involves legal and contractual obligations between a seller and a broker or salesperson, the termination can often only be done by mutual consent unless contract specifics allow otherwise. The termination clause in a contract will typically outline the circumstances under which the agreement can be ended.
For instance, mutual agreement is a universally accepted method to terminate an agency agreement. Both parties involved have the right to negotiate the end of the contract by agreeing to dissolve their professional relationship amicably. In contrast, unilateral termination by the seller or broker alone may be more complex legally and often dependent on the terms outlined in the agreement itself. These terms might state that a unilateral decision is acceptable under certain circumstances, for example, breach of contract.
An exclusive dealing agreement is another type of arrangement that can also come to an end, either due to legal challenges if it's deemed as anticompetitive or through stipulations allowed within the agreement that permit either party to terminate under specific conditions. Similarly, termination must often be done in a specific manner, such as through a written notice with a specified amount of time ahead of the termination date.