Which of the following is true about an option contract?
A)If the offeree chooses not to buy the property then money paid in consideration must be returned.
B)If money is paid as consideration, then that is not applied to the sale price.
C)Death or incompetency of either party terminates an option contract.
D)The offer cannot be revoke during the option period.

Question

Quizplus · Accepted Answer

An option contract is a binding agreement where the offeror cannot revoke the offer during the option period, as the offeree has paid consideration for the right to decide later.

Which of the Following Is True About an Option Contract