ContractsOption_contracts_and_right_of_first_refusalEASY
Reese Richardson pays Quinn Brooks a nonrefundable option fee for the exclusive right to buy the lot within 60 days at a fixed price. What type of contract is this?
Correct Answer
C) Option contract
Option contract is correct because the facts match a contract giving one party the right, but not the obligation, to buy or lease property at stated terms within a stated time, usually supported by separate consideration. That is the best description of the relationship, right, or legal concept tested here.
Answer Options
A
Right of first refusalB
ConsiderationC
Option contractD
OfferWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
option_contracts_and_right_of_first_refusalcontractsoption_contractright_to_buy
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