Contracts
Which of the following is the BEST description of 'consideration' needed for an option contract in South Carolina?
AA large sum equal to the property value
BAnything of value exchanged, even nominal consideration like $1✓ Correct
COnly cash consideration is acceptable
DNo consideration is needed for option contracts
Explanation
Consideration for an option contract can be nominal—even $1 is sufficient. The consideration is paid to 'buy' the option (the right to purchase), not the property itself.
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