ten dollars and other good and valuable consideration has been paid and received. its for the consideration. but idont know what it means? the buyer would have a downpayment for the loan, and a deposit or earnest money which would only be 1,000-5,000. so what does the 10 dollars mean? does the buyer have to give someone 10 dollars?
2007-05-29 13:55:46 · 2 answers · asked by beach_babe971 2 in Business & Finance ➔ Renting & Real Estate
Without a dollar amount as a binder the contract would fail to establish consideration and be voidable. Ten dollars is the general term but the amount can be one dollar or more, accuracy is not required as to the exact amount.
2007-05-29 16:36:00 · answer #1 · answered by Myron 4 · 3⤊ 0⤋
This is nothing more than standard contract language. It is an easy to standardize on contract language without having all of the particulars included for each and every sale. Some people get help with closing, some people get a deck added, some people get new carpet. Each sale is an individual negotiation and instead of having the details spelled out in the contract itself they have standardized contract wording and list individual items on an adendum.
2007-05-29 21:02:45 · answer #2 · answered by ttpawpaw 7 · 0⤊ 0⤋