Contracts
In Utah real estate, an option contract gives the buyer:
AAn obligation to purchase the property within the option period
BThe right but not the obligation to purchase the property within a specified time at a set price✓ Correct
CPossession of the property during the option period
DThe right to negotiate the price after the option period expires
Explanation
An option contract gives the buyer (optionee) the right to purchase the property at a predetermined price within a specified period, but does not obligate the buyer to do so. The seller (optionor) is bound to sell if the buyer exercises the option.
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