In certain circumstances, particularly in transactions involving real estate developers, a contracting party will attempt to create an option contract over a parcel of land. To be enforceable and valid, an option requires the same types of things a typical contract requires. “An option consists of a continuing and irrevocable offer which the optionor cannot…
Legal Articles
Contracts: Options & Rights of First Refusal
Often times the more complex an agreement or business transaction becomes the more technical the legal language becomes. Among other things, options and rights of first refusal are often utilized in more sophisticated transactions and can cause confuse in litigation. Strictly speaking, an option “creates in the [option holder] a power to compel the owner of property…