Legal contract wording

[Joshua D.]

So me and the father in law just had a discussion about putting a house under a sales contract. Originally i had in my contract that there would be a exchange of money as a holding to be legal. So my attorney here in pa told me that no money needs to be exchanged for a contract to hold up to be legal. My father in law says that is bs and money needs to be exchanged to be legal.

[Kyle J.]

@Joshua D.  Your attorney is correct.  People often assume "money needs to be exchanged" (as you put it) for a contract to be valid, but what's really required is "consideration", or in layperson's terms, something of value.  That could be money, but it doesn't have to be.