Option Rights and Preemptive Rights in Contracts

Contracts can have option rights or preemptive rights. An option, in the context of real estate, usually gives a person a power to compel the owner of the property to sell it at a stipulated price whether or not he or she is willing to part with ownership. Anderson v. Parker, 351 S.W.3d 82, 831 (Mo. Ct. App. 2011). A preemptive right, on the other hand, gives a prospective purchaser the right to decide whether to buy the property before all others should the seller decide to sell. Venture Stores, Inc. vv. Pacific Beach Co., Inc., 980 S.W.2d 176, 184 (Mo. Ct. App. 1998).
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