An Option Agreement Is

question 53

Multiple Choice

An option agreement is

• A) a contract transferring the fee simple to a new owner.
• 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 by which an offeree promises to buy the property offered at a later date set in the contract.
• D) a contract that provides that a seller will retain the title in the property until the buyer has made all of the required payments.
• E) a contract that provides that a debtor will transfer title in property to a creditor as security for repayment of the debt.

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Definitions:

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