Contracts
Which type of contract gives one party the right, but not the obligation, to purchase a property within a set period?
AListing agreement
BOption contract✓ Correct
CLand contract
DLease agreement
Explanation
An option contract gives the optionee the right to purchase the property at a specified price within a defined time period, but the optionee is not obligated to buy.
Related Delaware Contracts Questions
- A bilateral contract in real estate is one where:
- What is a 'counter-offer' in Delaware real estate negotiations?
- What is a 'hold harmless' clause in a Delaware real estate contract or lease?
- What does 'time of the essence' mean for a Delaware purchase contract?
- Under the Statute of Frauds, which of the following real estate agreements may be enforceable even if oral?
- Which of the following is a required element for a valid real estate contract in Delaware?
- What is the difference between an 'exclusive right to sell' listing and an 'exclusive agency' listing in Delaware?
- What is 'subordination' in a Delaware commercial lease or mortgage context?
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →