Consideration: The parties must exchange something of value. Without such an exchange, there is no agreement.The general rule is that a contract is effective when both parties agree (ie, sign the Agreement of Sale) AND acceptance is communicated to the offering party. An exchange agreement is a written agreement between the exchanger and the Qualified Intermediary (QI) defining the transfer of the relinquished property. Exchange of Contracts Authorized. PAR's Buyer Agency Contract includes all of the legallyrequired language and allows for a buyer's broker fee to be structured in several ways. Q: Does Pennsylvania recognize a clear exchange of emails as a written contract that will satisfy the statute of frauds? The law establishes a mandatory registration program for contractors who offer or perform home improvements in Pennsylvania. 1.28 "Effective Date" shall have the meaning set forth in the Participation Agreement. A consideration in contract law is the benefit a party receives from the deal negotiated in the contract.