Contracts
Which type of contract gives one party the right, but not the obligation, to purchase a property at a set price within a specified time?
APurchase and sale agreement
BLand contract
COption contract✓ Correct
DLease with right of first refusal
Explanation
An option contract gives the optionee the right, but not the obligation, to purchase a property at a predetermined price within a stated period. The optionor (seller) is bound if the optionee exercises the option.
Related Hawaii Contracts Questions
- What is 'consideration adequacy' in Hawaii real estate contracts?
- In Hawaii, which of the following is NOT an essential element of a valid real estate contract?
- In Hawaii, which party has 'equitable title' during the period between contract signing and closing?
- What is an 'assignment' of a real estate contract in Hawaii?
- In Hawaii, which of the following best describes the purpose of an 'inspection contingency' in a purchase contract?
- In Hawaii, the difference between a 'void' and 'voidable' contract is that a void contract:
- A contingency in a Hawaii purchase contract that allows the buyer to obtain an inspection and cancel if defects are found is typically called an:
- In Hawaii, consideration in a real estate contract must be:
Practice More Hawaii Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Hawaii Quiz →