Contracts (alternative)
In Maryland, consideration in a real estate contract can be:
AOnly cash payment
BAnything of legal value, including a promise to pay or act✓ Correct
COnly the earnest money deposit
DOnly the full purchase price at closing
Explanation
Consideration is anything of legal value exchanged between parties. In a real estate contract, the buyer's promise to pay and the seller's promise to convey title constitute valid consideration.
Related Maryland Contracts (alternative) Questions
- In Maryland, a novation in a real estate contract occurs when:
- In Maryland, the 'Doctrine of Impossibility' may excuse a party's contractual performance when:
- A Maryland exclusive right-to-sell listing guarantees the listing broker a commission if the property sells during the listing period:
- A Maryland addendum to a purchase contract is valid when it:
- A Maryland home inspection contingency typically gives the buyer the right to:
- A Maryland buyer who cannot attend the settlement may:
- A Maryland home sale contract where the buyer pays the 'as-is price' and the seller agrees to no repairs means:
- A Maryland property seller accepts an offer and then receives a higher offer. The seller may:
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