Contracts
Under Mississippi law, a real estate 'option contract' gives the optionee:
AThe obligation to purchase the property within the option period
BThe exclusive right to purchase the property at a set price within a specified period, with no obligation to exercise the option✓ Correct
CThe right to list the property with another broker
DAutomatic purchase of the property at the end of the option period
Explanation
An option contract gives the optionee (buyer) the right but not the obligation to purchase the property at a specified price within a specified time. The optionor (seller) is bound to sell if the optionee exercises the option but the optionee has no obligation to buy.
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