Contracts
In Maine real estate, 'consideration' in a contract means:
AThe agent's thoughtful advice to the client
BSomething of value exchanged between the parties to make the contract binding✓ Correct
CThe seller's motivation for selling
DThe amount of time given to respond to an offer
Explanation
Consideration is something of value exchanged between the parties to a contract (money, a promise, property). Without valid consideration, a contract is not enforceable.
Related Maine Contracts Questions
- Under Maine law, which of the following is considered 'personal property' rather than real property, and would NOT automatically transfer with a real estate sale unless specified?
- In Maine, which of the following would make a real estate contract unenforceable under the Statute of Frauds?
- A Maine purchase agreement requires the seller to have the property 'professionally cleaned' before closing. This is an example of a:
- Under Maine law, the Maine Seller's Disclosure of Property Condition form must be provided by the seller to the buyer:
- Under Maine real estate law, which of the following is NOT a required element for a valid contract?
- In Maine, if a buyer makes an offer and the seller responds with different terms, the original offer is:
- In Maine, a purchase and sale agreement may include a 'time is of the essence' clause, which means:
- In Maine, 'anticipatory breach' occurs when:
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