According to General Statute 93A-2, which of the following would not be considered valuable consideration?

Study for the Superior Real Estate School Exam. Maximize your preparation with our comprehensive flashcards and multiple-choice questions, complete with hints and detailed explanations to boost your confidence. Get ready to ace your exam!

In the context of General Statute 93A-2, valuable consideration typically refers to something of value that is exchanged between parties in a contractual agreement, which includes items or services that can be quantified or are of notable economic worth.

The correct response points to fresh tomatoes and a pie from a neighbor. While these items might hold sentimental or personal value in a community or neighborly context, they lack the economic significance necessary to be classified as valuable consideration under the statute. This means they do not align with the standard of exchange that is anticipated in real estate transactions or formal agreements.

On the other hand, the other examples involve items or services that possess a clear economic value. A trip to Myrtle Beach, a diamond bracelet, and a year's supply of meat all represent exchanges with tangible worth that can be associated with formal transactions, thus qualifying them as valuable consideration.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy