Selling of a business jargon

[JFoxFam]

We are selling a bread territory back to the bakery and are in receipt of the official paperwork. The selling price is roughly $15,000 however the paperwork which is notarized states "John Doe in consideration of One Dollar ($1.00) and other good and valuable consideration received from XYZ Bread, the receipt of which is hereby acknowledged releases and discharges XYZ from each of the following . . . ". We are in agreement with the items that follow however, what are they stating with reference to the $1.00. We sold it for considerably more. Are we getting screwed in some way????

 

[ed]

You are most likely OK. The phrase on the contract is a common one, dating back to English common law. Contracts are often phrased that way. If you actually got the money, you should be OK with that. I think the reason for it is that parties often do not want others to know their business. "Other valuable consideration" covers the actual consideration in those cases.