Asked by
Evelyn Littawa
on Nov 10, 2024
Verified
If you pay $1000 for a 90-day option on property offered to you at $200,000, which of the following is true?
A) You have bought a 90-day period of time within which you may or may not accept the offer of the land.
B) With the signing of the option agreement, you have entered into two contracts-a contract for time and another for land.
C) You have agreed that you will accept the offer of land within the 90-day period.
D) If you do not exercise the option, you can get your $1000 back.
E) The seller of the land can revoke the offer of the land any time before acceptance.
Option Agreement
A contract granting a party the right, but not the obligation, to buy, sell, or engage in a specific transaction at agreed terms within a specified time.
Property
Property refers to legally protected claims to resources, such as land, personal possessions, intellectual property, or other assets that are owned or controlled by a person or entity.
- Investigate the importance of capacity, consideration, and intention within contractual agreements.
Verified Answer
AW
Learning Objectives
- Investigate the importance of capacity, consideration, and intention within contractual agreements.