Anna and Vivian are discussing a piece of property in a downtown mall. Anna wishes to ensure that an offer will in fact be held open for her for two weeks while she secures funding. Anna may enter into a[n] ________ with Vivian to hold the offer open for her for two weeks.
A) option contract
B) lease agreement
C) offer agreement
D) adhesion contract
E) property offer

Question

Quizplus · Accepted Answer

An option contract is a type of agreement that allows the holder the right, but not the obligation, to buy or sell an asset at a predetermined price within a specified time frame. In this scenario, Anna can enter into an option contract with Vivian to ensure that the offer for the property remains open for two weeks while she secures funding.

Anna and Vivian Are Discussing a Piece of Property in a Downtown