ContractsLegacy_contractsMEDIUM
In Ohio, an option to purchase:
Correct Answer
B) Gives the optionee the right but not obligation to buy
An option to purchase gives the optionee (buyer) the right, but not the obligation, to purchase the property within a specified time.
Answer Options
A
Is automatically binding on both partiesB
Gives the optionee the right but not obligation to buyC
Requires no considerationD
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Related Topics & Key Terms
Related Topics:
contract-formation-considerationunilateral-vs-bilateral-contractsreal-estate-option-agreementscontract-performance-obligations
Key Terms:
option to purchaseoptioneeunilateral contractconsiderationright without obligation
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