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The purpose of this study was to test Affection Exchange Theory (AET) in the grandparent–grandchild (GP-GC) relationship. Specifically, it was hypothesized that grandchildren's reports of received affection from their grandparents would be associated positively with the grandchildren's perceived GP-GC relational characteristics (i.e., trust, commitment, and control mutuality). To that end, 220 young adult grandchildren (i.e., 18–25 years old) completed a series of questionnaires in reference to their relationship with a specific grandparent. The results of multiple regression analyses largely supported the predictions. The findings obtained in this study bolster AET's utility in the context of GP-GC relationships and establish factorial and construct validity of the newly developed Grandchildren's Received Affection Scale.