Contracts
In Oklahoma, an option to purchase is typically:
ABinding on both parties to buy and sell
BA unilateral contract where only the seller (optionor) is bound; the buyer has the option but no obligation to buy✓ Correct
CA bilateral contract requiring both parties to perform
DOnly valid for commercial property
Explanation
An option to purchase is a unilateral contract: the seller (optionor) is contractually bound to keep the offer open, but the buyer (optionee) has no obligation to purchase. If the optionee exercises the option within the agreed period, a bilateral purchase contract is formed.
Related Oklahoma Contracts Questions
- Novation in a real estate contract means:
- An Oklahoma property that closes on November 30. Rent for the month of November was collected by the seller at the beginning of the month. The monthly rent is $1,500. How much is the seller's rent proration credit to the buyer at closing?
- In Oklahoma, earnest money deposited by a buyer is:
- In Oklahoma, the standard residential purchase contract typically gives the buyer how many days to obtain financing after contract acceptance, unless otherwise specified?
- A contract contingency that protects a buyer if they cannot obtain financing is known as a:
- A condition precedent in an Oklahoma real estate contract must be satisfied:
- An Oklahoma real estate broker who drafts custom contract provisions beyond the standard form should:
- An Oklahoma buyer submits an offer with a home inspection contingency. The inspection reveals a cracked foundation. The buyer now wants to terminate. Under a properly written contingency, the buyer:
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →