Consideration in Contracts | Humber Real Estate Exam Prep | Essential Elements of Contract (3)

Are you studying for Humber College's Real Estate Course 1? This video dives into the essential concept of Consideration in contract law—a key element in forming valid and enforceable agreements. Understanding consideration is critical for real estate professionals to navigate contracts effectively and avoid legal pitfalls.

📚 What You'll Learn:
The meaning of consideration as the exchange of value in contracts
Why the existence of consideration matters more than its adequacy
The significance of contracts signed under seal and their legal implications
The importance of lawful and present/future-oriented consideration in real estate agreements

💡 Real-Life Examples Covered:
How buyer and seller promises form a binding agreement
Why verbal promises, like including a boat after a sale, may not be enforceable without written documentation
The role of "under seal" contracts in preventing offer revocation

This video is tailored to help students preparing for Humber College's Real Estate Course 1 and anyone looking to strengthen their understanding of contract law in real estate.

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