In which of the following is a contract of sale not perfected?
A)Giving of downpayment.
B)Giving of earnest money.
C)Giving of option money.
D)Accepting the offer.

Question

Quizplus · Accepted Answer

A contract of sale is not perfected with the giving of option money, as option money is merely an amount paid to bind an offer and give the payer the right to buy at a later date, but does not in itself create an obligation to buy or sell.

In Which of the Following Is a Contract of Sale