If Anna Laura, in return for the payment of $200 to her by Catherine, gives Catherine an option to buy Achraji, a prime Arabian mare, at any time within the next 14 days at a price of $50,000, Anna Laura's offer to Catherine is:
A) a revocable option contract.
B) an irrevocable output contract.
C) irrevocable for the 14 days covered by the option.
D) a requirements contract.

Question

Quizplus · Accepted Answer

An option contract, where consideration ($200) is paid for the promise to keep an offer open for a specified period (14 days), is irrevocable during that time.

If Anna Laura, in Return for the Payment of $200