Contracts
What type of contract gives one party the right to purchase property at a set price within a set time, with no obligation to buy?
ALand contract
BRight of first refusal
COption contract✓ Correct
DLease-purchase agreement
Explanation
An option contract gives the optionee (buyer) the exclusive right to purchase the property at a specified price within a given period. The buyer is not obligated to exercise the option.
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