Contracts
In Minnesota, an option contract gives the optionee:
AThe obligation to buy the property within a set time
BThe right but not the obligation to purchase at an agreed price within a set time✓ Correct
CThe right to list the property for sale
DThe right to occupy the property immediately
Explanation
An option contract gives the optionee (prospective buyer) the exclusive right — but not the obligation — to purchase the property at a specified price within a defined time period, in exchange for consideration paid.
Related Minnesota Contracts Questions
- In Minnesota, a purchase agreement becomes void automatically in which situation?
- In Minnesota, an executed contract means:
- Under Minnesota contract law, an offer becomes a binding contract when:
- Which element is NOT required for a valid Minnesota real estate contract?
- The parol evidence rule prevents a party to a written contract from:
- In Minnesota, liquidated damages in a purchase agreement are typically:
- A Minnesota purchase agreement is considered 'accepted' when:
- A Minnesota purchase agreement is considered an executory contract until:
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