Question

A homeowner enters into a contract to sell her home to a potential buyer for $500,000....

A homeowner enters into a contract to sell her home to a potential buyer for $500,000. The potential buyer provides additional consideration and, in exchange, the homeowner agrees not to revoke her offer while the potential buyer obtains the necessary financing for the purchase. This is an example of a(n) . . .

Group of answer choices:

a.Firm offer under the UCC

b.Rejection under the mirror image rule

c.Void contract under the doctrine of illegality

d.Options contract under the common law

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Answer #1

The correct answer is option (D) Options contract under the common law

An agreement that grants the party that owns the option, the Optionee,  the exclusive, unrestricted, and irrevocable right to purchase property from the party selling the option, the Optionor, during the specified period of time that the option is in effect is know as a Real Eatate Option Contract.

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