Contracts
Under Washington law, an option to purchase real estate is most accurately described as:
AA bilateral contract obligating both buyer and seller to complete the transaction
BA unilateral contract giving the option holder the right but not the obligation to purchase✓ Correct
CA listing agreement with a specific buyer
DAn escrow instruction
Explanation
An option to purchase is a unilateral contract — the seller is bound to sell if the buyer exercises the option, but the buyer is not obligated to exercise it. The buyer pays option consideration for the exclusive right to purchase within a specified time at a specified price.
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