Contracts
Under Wyoming contract law, consideration in a real estate contract can be:
AMoney only
BAnything of value, including money, services, a promise to act, or a promise to refrain from acting✓ Correct
COnly a promise to pay money in the future
DOnly an existing legal obligation
Explanation
Consideration is anything of legal value exchanged between parties to a contract. It can be money, property, services, a promise to perform, or a forbearance (promise not to do something).
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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