Contracts
Which type of contract gives one party the right to purchase property at a set price within a specified time but does not obligate them to do so?
ALand contract
BListing agreement
COption contract✓ Correct
DLease with right of first refusal
Explanation
An option contract grants the optionee (buyer) the right, but not the obligation, to purchase property at a predetermined price within a specific period, in exchange for consideration paid to the optionor (seller).
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