Contracts
In South Dakota, an 'option contract' in real estate gives the optionee (buyer):
AA right and obligation to purchase the property at a specified price
BThe right, but not the obligation, to purchase the property at a specified price within a specified period✓ Correct
CThe right to lease the property for a specified period
DShared ownership with the optionor
Explanation
An option contract gives the optionee the exclusive right to purchase the property at a fixed price within a specified period, in exchange for option consideration paid to the optionor. The optionee is not obligated to purchase; they have the choice (option) to do so.
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