Exam term

Option

A right to buy on stated terms within a specified period, without an obligation to buy before exercise. Consideration supports the optionor's promise to keep it open.

Lessons that use this term

Options, lease-options, and rights of first refusal California
Offer, counteroffer, and acceptance, and how contracts end Florida
Buyer-broker agreements and option contracts Florida
The sales contract, binders, purchase offers, installment contracts, and options New York