In Ohio, an option to purchase:

Option A is incorrect because an option contract is not automatically binding on both parties. Only the optionee (buyer) has the right to decide whether to purchase. The optionor (seller) is bound to sell if the option is exercised, but the buyer has no obligation to proceed.

Option C is incorrect because all valid contracts, including options, require consideration. In option contracts, consideration is typically the payment of an option fee by the buyer to the seller, which creates the seller's obligation to keep the property available for purchase.

Option D is incorrect because there is no legal requirement in Ohio that an option must be for one year or less. Options can be created for any duration agreed upon by the parties involved.