Contracts
In Idaho, an option contract gives the buyer:
AThe obligation to purchase the property at a set price
BThe exclusive right (but not obligation) to purchase property at a set price within a specified time✓ Correct
CThe right to negotiate the price at any time
DAn interest in the property that automatically converts to ownership
Explanation
An option contract grants the optionee (buyer) the exclusive right, but not the obligation, to purchase property at an agreed price within a specified period. The optionor (seller) is bound if the buyer exercises the option.
Related Idaho Contracts Questions
- What does 'mutual assent' mean in the context of an Idaho real estate contract?
- What is 'detrimental reliance' (promissory estoppel) in Idaho contract law?
- What happens to an Idaho real estate contract if both parties breach it simultaneously?
- Which of the following voids a real estate contract?
- When a seller accepts an offer and the transaction closes, the listing broker has earned a commission under which type of listing?
- In Idaho, an 'exclusive right-to-sell' listing agreement means:
- An alienation clause (due-on-sale clause) in a mortgage requires:
- Which clause in an Idaho purchase contract specifies a date by which the transaction must close?
Practice More Idaho Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Idaho Quiz →