ContractsQuestion 57 of 100
An option contract gives the optionee:
a.An obligation to purchase the property
b.The right to lease only
c.Immediate ownership of the property
d.The right, but not the obligation, to buy within a set period
Explanation
An option contract grants the optionee the right to buy the property at agreed terms within a specified time, without any obligation to do so. The optionor (owner) must keep the offer open in exchange for consideration. If the option is not exercised, it simply expires.
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