In an Option Contract,_____

question 43

Multiple Choice

In an option contract,_____.

• A) a separate contract for the limited purpose of holding the offer open is created
• B) the offeree is bound to accept the offer
• C) a joint contract is created for the limited purpose of keeping the offer open
• D) the offeree has purchased the right to accept within the stated period

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Definitions:

Model Nonprofit Corporation Act

A guideline for the governance of nonprofit organizations, providing a standard legal framework for their formation and operation.

Nonprofit Corporation

An entity designed to operate without the objective of making profits for its owners or members, often focused on serving the community or public interest.

Minimum Number

The smallest quantity or amount permitted or required under certain conditions or for a specific process.

Corporation by Estoppel

A legal doctrine that prevents a party from denying the corporation's existence for the purposes of a transaction if they have acted as if the corporation existed.