Contracts
An option contract in South Dakota gives the optionee the:
AObligation to purchase at the stated price
BRight but not the obligation to purchase at a stated price within a set time✓ Correct
CRight to renew the current lease
DFirst right of refusal on all future sales
Explanation
An option contract gives the optionee the right, but not the obligation, to purchase property at an agreed price within a specified period. The optionor (seller) cannot sell to anyone else during this period.
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