Contracts
An option contract gives the optionee:
AThe obligation to purchase the property
BThe right but not the obligation to purchase the property within a specified time✓ Correct
CImmediate ownership of the property
DThe right to lease the property
Explanation
An option contract gives the optionee (potential buyer) the exclusive right — but not the obligation — to purchase the property at a specified price within a specified time period. Consideration (option fee) must be paid to keep the option open.
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