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Consideration… A Must


 This is a tangible form of payment. When you make an option agreement, or a purchase agreement, the buyer must give consideration to the owner of the rights. You could be the most amazing negotiator in the world and manage to get someone to option the rights of their property to you for free, however, this is not legally binding. There must be an exchange of tangible payment in order for this agreement to hold up in court. Payment could be anything. It could be one dollar, or a shoe, or a tissue; it just has to be tangible. Usually, if the rights-owner is willing to give up the rights for free, the consideration is one dollar.


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