Contracts
Under South Carolina contract law, 'consideration' in a real estate contract means:
AThe parties have thought carefully about the terms
BSomething of value exchanged between the parties✓ Correct
CThe closing attorney's review of the contract
DBoth parties' signatures on the contract
Explanation
Consideration is something of value exchanged between the parties to support a contract. In real estate, consideration is typically money (purchase price, earnest money) exchanged for the right to purchase the property.
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