Ontario Mortgage Agent Practice Exam

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Study for the Ontario Mortgage Agent Exam. Prepare with flashcards and multiple choice questions, each question includes hints and explanations. Get ready for your test!

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What is the term for something of value exchanged between parties in a contract?

Consideration
Material Alterations
Mistake
Assignment

The correct answer is: Consideration

Consideration would be the correct term, as it refers to something of value that is given or promised by one party in return for something else given or promised by the other party in a contract. Material Alterations, Mistake and Assignment are all incorrect choices because they do not accurately describe the exchange between parties in a contract. Material Alterations refer to changes made to a contract that can affect its validity or terms, Mistake refers to an error made by one or both parties in the contract, and Assignment refers to the transfer of rights or obligations from one party to another party in the contract.