Contracts
Under Wyoming contract law, 'consideration' in a real estate transaction can include:
AOnly money
BMoney, services, a promise to do something, or a promise to refrain from doing something✓ Correct
COnly the transfer of title to real property
DOnly the earnest money deposit
Explanation
Consideration can be any form of value—money, services, an act, a promise to act, or a promise to refrain from acting. In real estate, the purchase price is the most common consideration, but other forms (like a promise to pay, services rendered, or assumption of obligations) can also constitute valid consideration.
Related Wyoming Contracts Questions
- A Wyoming listing agreement requires the seller to pay a commission even if the seller finds the buyer, unless it is an 'exclusive agency' listing. This describes which type of listing?
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- In Wyoming, a buyer who makes an earnest money deposit has which of the following rights if they qualify under the financing contingency but simply don't want to proceed?
- Under Wyoming contract law, which element is NOT required for a valid real estate purchase contract?
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