An option requires a seller to hold an offer open for the stated period of time and is irrevocable.

Question

Quizplus · Accepted Answer

An option contract in the context of contract law indeed requires the seller (optionor) to hold an offer open for a specified period of time, during which the offer is irrevocable. This means the seller cannot sell the property or withdraw the offer within that time frame, giving the buyer (optionee) exclusive right to purchase or not purchase the property.

An Option Requires a Seller to Hold an Offer Open