Contracts
Under Michigan law, an option contract gives the optionee (buyer) the right to:
AObligate the seller to accept any price offered during the option period
BPurchase the property at a specified price within a specified time, but without the obligation to buy✓ Correct
CList the property for sale with any broker
DTransfer the option only to a family member
Explanation
An option contract in Michigan gives the optionee the right, but not the obligation, to purchase property at a specified price within a set time. The optionor (seller) is bound to sell; the optionee may choose to exercise or not exercise the option.
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