You pay $200 for the right to be the only buyer a seller will deal with for ten days for a piece of property that is for sale for $250,000. This is:
A) called a terminable contract
B) called a unilateral contract
C) called a revocable contract
D) not a contract because the consideration is not relevant to the value of the property
E) none of the other choices

Question

Quizplus · Accepted Answer

This scenario describes an option contract, where you pay for the exclusive right to purchase a property within a specified time frame. It is not specifically termed as terminable, unilateral, revocable, nor is it invalidated by the consideration not being relevant to the property's value.

You Pay $200 for the Right to Be the Only