An agreement that an offeror will not sell his property for a specified period subsequent to the offeree paying consideration to the offeror is referred to as a(n) ________.
A) unequivocal acceptance
B) contract of adhesion
C) option contract
D) firm offer

Question

Quizplus · Accepted Answer

This is an example of an option contract, where the offeree pays consideration (usually money) to the offeror to keep the offer open for a specified period of time. In this case, the offeror agrees not to sell the property during that time. Option contracts are commonly used in real estate transactions.

An Agreement That an Offeror Will Not Sell His Property