What does the memorandum of exchange document record?

• A. The completion date
• B. The terms of the exchange and matters for future reference
• C. The deposit amount
• D. The mortgage terms

Answer: (B)

The key idea is that the memorandum of exchange is a record of what was agreed at the moment contracts are exchanged, and it lists matters you’ll need to reference later. It isn’t just one detail like the completion date or the deposit or the mortgage terms; it captures the terms of the exchange as a whole and any other items needed for future reference. This makes it the authoritative reference point for what the parties have agreed and what must happen to complete the transaction, helping to prevent disputes later.