Contracts
Under South Dakota contract law, 'consideration' in a real estate contract can consist of:
AOnly money
BMoney, services, a promise to do something, or refraining from doing something✓ Correct
COnly real property or cash
DThe agent's promise to find a buyer
Explanation
Consideration can be anything of value exchanged between the parties — money, services, a promise to perform (or to refrain from performing) an act. It does not have to be equal in value.
Related South Dakota Contracts Questions
- In South Dakota, a 'purchase agreement' (sales contract) for real estate typically becomes binding when:
- In South Dakota, an 'option contract' in real estate gives the optionee (buyer):
- In South Dakota, which clause in a purchase contract specifically describes the property being sold?
- In South Dakota, a real estate agent acting as a buyer's representative should review the purchase agreement with their client to ensure:
- A South Dakota purchase agreement has a 'time is of the essence' clause. This means:
- Mutual rescission of a South Dakota real estate contract means:
- In South Dakota, an 'amendment' to a real estate purchase contract requires:
- In South Dakota, a 'land contract' (contract for deed) is a financing arrangement where:
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