"I will pay you $100 to not sell your $500,000 house to anyone else for the next month so I can see if I can get the money together to buy it," you say. "Ok," says the home owner. The $100 payment is a valid contract.

Question

Quizplus · Accepted Answer

This is because the offer, consideration, and acceptance are present in this scenario, making it a valid contract. The offer is the promise to pay $100 in exchange for the option to buy the house, the consideration is the $100 payment, and the acceptance is the homeowner agreeing not to sell the house for a month in exchange for the payment. Therefore, it meets the requirements of a legally binding contract.

"I Will Pay You $100 to Not Sell Your $500,000