Contracts
In Rhode Island, an 'option contract' in real estate gives the optionee:
AThe right to purchase the property within a specified time and at a specified price, but no obligation to do so✓ Correct
BThe obligation to purchase the property at any price the seller sets
COwnership of the property during the option period
DFirst right of refusal if the seller decides to sell
Explanation
An option contract gives the optionee the right, but not the obligation, to purchase a property at a predetermined price within a specific time period. The optionee pays option consideration for this right.
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