An Option to Purchase Agreement Is

question 47

Multiple Choice

An option to purchase agreement is:

• A)A contract by which an offeree promises to buy the property offered at a later date set in the contract
• B)A contract by which the offeror of property promises to hold his offer open for a period of time during which the offeree can accept the offer and the property can't be sold to another
• C)A contract that provides that a debtor will transfer title in property to a creditor as security for repayment of the debt
• D)A contract transferring the fee simple to a new owner
• E)A contract that provides that a seller will retain the title in the property until the buyer has made all of the required payments

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Definitions:

Rational Behavior

The assumption that individuals make decisions based on seeking the most benefit while minimizing costs, according to their preferences and information.

Economic Models

Simplified representations of complex economic processes, using mathematical techniques and assumptions to understand and predict economic behavior and outcomes.

Economic Actors

Individuals, households, businesses, and governments that make decisions about the allocation of resources and engage in the production, distribution, and consumption of goods and services.

Psychology of Human Behavior

The study of individuals' thoughts, feelings, and behaviors and how they are influenced by physical, mental, social, and environmental factors.