Which event can terminate a listing or sales contract?

A listing or sales contract can indeed be terminated by a bankruptcy event. When a party involved in the contract, whether the seller or the buyer, declares bankruptcy, it typically means they are unable to fulfill their financial obligations. This situation can lead to the loss of contractual capability, prompting the termination of the contract as the bankruptcy process may prioritize creditor claims and affect the property in question.

Bankruptcy can result in a stay on the enforcement of contracts, meaning that transactions may not proceed as the debtor's assets are assessed and managed by the bankruptcy court. Consequently, this legal status effectively nullifies the contract until the bankruptcy is resolved, which can lead to its termination.

In contrast, other options like a right of first refusal and mediation do not inherently terminate a contract. A right of first refusal allows a party the opportunity to purchase before the seller can entertain other offers, and mediation is a method to resolve disputes without ending the contract. The expiration of time refers to the date the contract was intended to be completed; while it can lead to expiry, it does not actively terminate a contract in the same manner as bankruptcy can.