Contracts
In contract law, 'consideration' is best defined as:
ACareful thought given to the terms of the contract
BSomething of value exchanged between the parties✓ Correct
CThe legal description of the property being transferred
DThe buyer's credit score and financial qualifications
Explanation
Consideration is something of legal value that each party gives to the other as part of the contract. In a real estate sale, the buyer's consideration is the purchase price and the seller's consideration is the deed/property. Consideration is one of the essential elements of a valid contract.
Related Illinois Contracts Questions
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- In Illinois, a buyer's right to conduct an inspection of a property is typically established by:
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