ContractsOption_contracts_and_right_of_first_refusalHARD
Which of the following is NOT a requirement for a valid option contract?
Correct Answer
D) The optionee's promise to buy the property
An option gives the optionee the right but not the obligation to buy. The optionee does not promise to purchase; that would make it a purchase contract.
Answer Options
A
Separate consideration for the optionB
A stated option periodC
Defined purchase termsD
The optionee's promise to buy the propertyWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Contracts Question
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Background Knowledge for Contracts
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Real World Application in Contracts
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Common Mistakes to Avoid on Contracts Questions
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Key Terms:
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