Contracts
Under West Virginia law, which of the following best describes an option contract in real estate?
AA contract requiring both parties to buy and sell
BA contract giving the buyer the right but not obligation to purchase✓ Correct
CA lease agreement with purchase rights automatically included
DA binding offer that cannot be withdrawn
Explanation
An option contract gives the buyer (optionee) the right, but not the obligation, to purchase property within a specified time for a set price. The seller (optionor) is bound but the buyer is not obligated to exercise the option.
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