If You Pay $1000 for a 90-Day Option on Property

question 82

Multiple Choice

If you pay $1000 for a 90-day option on property offered at $200 000,which of the following is true?

• A) You have bought a 90-day period of time within which you may or may not accept the offer of the land.
• B) With the signing of the option agreement, you have entered into two contracts-a contract for time and another for land.
• C) You have agreed that you will accept the offer of land within the 90-day period.
• D) If you do not exercise the option, you can get your $1000 back.
• E) The seller of the land can revoke the offer of the land any time before acceptance.

---

Definitions:

Secondary Sources

Information that has been collected, interpreted, or processed by others, typically used in academic and professional research.

Information Sources

Various means through which data and information can be obtained, including books, journals, online databases, and interviews.

Sales Forecast

An estimate of the quantity of goods or services that a company expects to sell in a future period, based on historical data, market trends, and other factors.

Service Estimate

An approximation of the total cost for performing a particular service, often provided to customers before any work begins.