If you pay $2,000 for a 60-day option on a business that is offered for sale at $400,000, which of the following is true?

Question

Quizplus · Accepted Answer

By purchasing a 60-day option, you have not committed to accepting the offer for the business. Instead, you have bought a period of time within which you may choose whether or not to accept the offer. The $2,000 paid for the option is a fee, not a deposit on the business, and is non-refundable regardless of whether or not you choose to buy the business.

If You Pay $2,000 for a 60-Day Option on a Business