Contracts
An option contract in Minnesota gives the buyer:
AThe obligation to purchase the property within the option period
BThe right, but not the obligation, to purchase the property at a set price within a specified time✓ Correct
CThe right to rent the property without purchasing
DThe right to renegotiate the purchase price at any time
Explanation
An option contract gives the buyer (optionee) the exclusive right—but not the obligation—to purchase the property at a specified price within a given time period. In exchange, the buyer pays option consideration to the seller.
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