Contracts
Which of the following BEST describes 'consideration' in an Ohio real estate contract?
AThe care an agent takes in showing properties
BSomething of value exchanged between parties that makes a contract binding✓ Correct
CThe time allowed for the buyer to apply for a mortgage
DThe closing agent's fee for handling the transaction
Explanation
Consideration is something of value (money, property, a promise to act or refrain from acting) exchanged by both parties. Without consideration, a contract is generally unenforceable.
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