What does this mean ?

[ATSproperty]

What is the name of your state (only U.S. law)? Texas

What does this part of a contract mean ? It is a contract for deed.

SALE OF PROPERTY

For and in consideration of TEN DOLLARS ($10.00) and other good and valuable considerations the receipt and sufficiency of which is hereby acknowledged, Seller does hereby agree to convey, sell, assign, transfer and set over unto Purchaser, the following property situated in _____________________ County, State of Texas, said property being described as follows: (Type description or attach description as exhibit "A")

Thanks

 

[JETX]

What does this part of a contract mean ? It is a contract for deed.

One of the 'essential elements' of a valid binding contract is 'mutual consideration'. The clause you cited meets that requirement. It is very standard.