Contracts
In Texas, a 'purchase option' agreement (not a simple option period) requires the optionor (seller) to hold the property available for purchase. During the option period:
AThe seller can freely sell to any other buyer
BThe seller is bound to the agreed terms and cannot sell to another party without the optionee's permission✓ Correct
CBoth parties can cancel freely
DTREC must approve all option period extensions
Explanation
An option contract is one-sided — the seller (optionor) is irrevocably bound during the option period, while the buyer (optionee) has the right but not the obligation to purchase. The seller cannot sell to another party during the option term.
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