Contracts
Consideration in a real estate contract can be:
AMoney only
BAnything of value, including a promise to act or refrain from acting✓ Correct
COnly a promise to pay the purchase price
DOnly earnest money deposit
Explanation
Consideration can be anything of legal value — money, a promise, goods, services, or an agreement to refrain from doing something. It simply must be something bargained for.
Related Georgia Contracts Questions
- A real estate contract that is 'void' means:
- An option contract in Georgia gives the optionee the:
- Which of the following best describes the legal concept of 'meeting of the minds' in a contract?
- Under the GAR form, the 'Closing Date' is the date when:
- The concept of 'time is of the essence' in a Georgia real estate contract means:
- The 'mailbox rule' in Georgia contract law provides that acceptance of an offer is effective when:
- Under the GAR contract, the 'closing' date is the date on which:
- In Georgia, for a contract to convey real estate to be enforceable, it must be:
Practice More Georgia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Georgia Quiz →