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KembaraXtra – Legal Terms – Option
An option is a legal right allowing a person to choose whether to do or refrain from doing something within a specified period.
In contract law, an option commonly allows a party to accept an offer within an agreed time while preventing the offeror from withdrawing it.
An option relating to land, such as an option to purchase property, may bind third parties only if properly registered.
A valid option to purchase must either state the purchase price or provide a clear method for determining it.
In financial markets, options are also traded as instruments giving rights to buy or sell commodities, securities, or currencies at fixed prices within specified times.
An option is a legal right allowing a person to choose whether to do or refrain from doing something within a specified period.
In contract law, an option commonly allows a party to accept an offer within an agreed time while preventing the offeror from withdrawing it.
An option relating to land, such as an option to purchase property, may bind third parties only if properly registered.
A valid option to purchase must either state the purchase price or provide a clear method for determining it.
In financial markets, options are also traded as instruments giving rights to buy or sell commodities, securities, or currencies at fixed prices within specified times.
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