Question

J. Assume that an owner of house orally authorized his agent to sell the house for the minimum price of half a million. The agent agreed of to be the agent for the sale. Is the agency valid agency ​

Answer 1

Yes, the agency is valid. Oral agreements are valid in many jurisdictions, and the agent is legally bound to the terms of the agreement. However, in order for the agency to be legally enforceable, the agreement must be supported by consideration. In this case, the consideration would be the agent's agreement to act as the agent for the sale.