A ______________ is a binding promise to keep an offer open for a specified period of time.
A)terminal contract
B)limited contract
C)express contract
D)explicit contract
E)option contract

Question

Quizplus · Accepted Answer

An option contract is a binding promise to keep an offer open for a specified period of time. This allows the person with the option to decide whether or not to accept the offer at a later time, without the risk of the offer being retracted before they make a decision.

A ______________ Is a Binding Promise to Keep an Offer