An option to purchase property without payment of consideration by the optionee is not valid.

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An option to purchase property without payment of consideration by the optionee is not valid as it lacks an essential element of a contract which is consideration. Consideration is the value that the optionee gives or promises to give in exchange for the option to purchase the property. Without consideration, there is no binding agreement between the optionee and the property owner.

An Option to Purchase Property Without Payment of Consideration by the Optionee