Option to Purchase

A contract that gives one the right (but not the obligation) to buy a property within a certain time, for a specified amount, and subject to specified conditions.

A contract that gives one the right (but not the obligation) to buy a property, within a certain time, for a specified amount, and subject to specified conditions.
Example: Marco needs two adjacent parcels of land for a project he wishes to build. He can obtain an option to purchase one of them; if he is able to buy the other, he can use his option to buy the first one. If he cannot buy the other, he can let the option expire.