0
No. An option contract requires consideration for the option. Absent consideration for the option, the offer may be withdrawn at any time.
Wiki User
∙ 12y ago
No, in order to create a legally binding option contract, consideration is required. Consideration is what each party gives or promises to give in exchange for the other party's promise. It is a key element in forming a contract and provides the basis for a valid agreement.
Add your answer:
Earn +20 pts
In a contract containing an option period when it is the offerer not allow to withdraw is offer when before acceptance by the offeree?
If the contract has not been signed, then the contract can be withdrawn at any time because there has been no legally binding acceptance of the terms of the contract. Once the contract jas been signed by both parties it definitely cannot be withdrawn.
What is a legally binding agreement that can be rejected at the option of one of the parties?
A unilateral contract is a legally binding agreement in which only one party makes a promise or undertakes an obligation, while the other party has the option to accept or reject it. If the second party chooses not to accept the terms of the contract, they are generally not bound by its terms.
If a minor signed acontract he parents are responsible?
If a minor signs a contract under the legal age of majority (usually 18), the contract is typically not enforceable. In most cases, the parents would not be responsible for the contract unless they co-signed or guaranteed it. The minor may have the option to void the contract.
Can you sign a legal contract at the age of 17 nc?
In North Carolina, a person must be at least 18 years old to sign a legal contract, with some exceptions for emancipated minors or contracts for necessaries. A minor who signs a contract before turning 18 may have the option to disaffirm or void the contract upon reaching the age of majority.
Can a contract be altered by one party only i have agreed to a non signed agreement in writing the other party have now changed the goal posts can they do this?
In general, a contract cannot be unilaterally altered by one party without the consent of the other party. If the other party has changed the terms of the agreement without your consent, they may be in violation of the initial agreement. It is important to address the issue with the other party and seek a resolution. If necessary, legal recourse may be an option.
Can an offeror revoke an option contract if the offeror decides that the consideration given is inadequate?
No, an offeror can't revoke an option contract if the offeror decides that the consideration given is inadequate. There would be an option to purchase the land.
What is an option year in the nba?
Option year, two types: Player or Team. Player option: year that player has the option to continue with his contract and play that year for that team on the current contract. team option: team has the option to keep its current player with the current contract for that year.
Does at t wireless offer a no contract option for coverage?
ATT wireless does offer a no contract option for coverage. It is called "Go Phone". With this option you pay a monthly fee with no annual contract.
Difference between put option and call option?
The holder/purchaser/owner of a call option contract has the right to buy an asset (or call the asset away) from a writer/seller of a call option contract at the pre-determined contract or strike price. The holder/purchaser/owner of a call option contract expects the price of the underlying asset to rise during the term or duration of the call contract, for as the value of the underlying asset increases so does the value of the call option contract. Conversely, the write/seller of a call option contract expects the price of the underlying asset to remain stable or to decline. The holder/purchaser/owner of a put option contract has the right to sell an asset (or put the asset) to a writer/seller of a put option contract at the pre-determined contract or strike price. The holder/purchaser/owner of a put option contract expects the price of the underlying asset to decline during the term or duration of the put contract, for as the value of the underlying asset declines the contract value increases. Conversely, the writer/seller of a put option contract expects the price of the underlying asset to remain stable or to rise.
What type of contract do both parties have the option to avoid their contractual obligations?
what type of contract do both parties have the option to avoid their contractual obligations what type of contract do both parties have the option to avoid their contractual obligations
When does the contract for LeBron James run out?
Lebron James contract runs out in late 2011. He does have the option to stay another year but that option is all up to him, and to him that option is "to-be-determined."
What is a player option in Major League Baseball?
'Player Option' is a term for a clause written into a player's contract that allows the player to extend the length of the contract for one year at a predetermined salary.If the player decides not to extend the contract, or 'pickup the option', the contract ends and the player becomes a free agent and can negotiate a new contract with any team.Just like a player option, contracts may also contain a 'team option'. This is a clause written into a contract similar to the player option except the team gets to decide whether they would like to extend the player's contract by one year for a predetermined salary.
How many seasons does Derek Jeter have left on his contract?
Derek Jeter has two seasons left on his contract, with an option for a third. His contract was for three years (2011-2012) and an option in 2014.
Legal Documents: The Precise Formation of Written Contracts?
Many people need legal documents for all sorts of purposes. Perhaps someone is purchasing real estate or starting a new business. He or she likely needs to draft various written contracts that can ensure business transactions are stable and can be trusted. When creating and formulating legal documents, it is important for people to understand the basic concepts surrounding the creation of contracts. Even if one hires a lawyer to write up contracts, it is helpful for a person to thoroughly know how a contract should be created to ensure no future legal mishaps. For example, in creating an options contract, it is important for people to remember that consideration must exist for such a contract to be enforceable. The Restatement 2d C2A787(a) states than an offer is binding as an option contract if it is in writing and signed by the offeror, and also recites a purported consideration for the making of the offer, and proposes an exchange on fair terms within a reasonable time; or is made irrevocable by statute. As can be seen, consideration is an integral part of any contract. Courts in the United States have held that valid consideration is necessary for the formation of options contracts. In Board of Control of Eastern Michigan University v. Burgess, the court decided that no consideration was received in a contract for the option to purchase defendant's land. In that contract, the plaintiff had never given any form of consideration to defendant for the option contract. When the plaintiff tried to execute the option to purchase the land, the defendant refused. The court held that had the plaintiff even given one dollar for consideration, then the plaintiff could have the option to purchase the land since a contract would have been formed. Under the Statute of Frauds, there are certain legal documents and contracts that must be written. Contracts that answer to a creditor for the debt of another, contracts made in consideration of marriage, and contracts that involve that sale of land or affect interest in land must also be made in writing. Lastly, contracts that will not be performed in a one year time frame within their making also must be made in writing. In contracts for the sale of goods, the Statute of Frauds further requires that the writing must specify a quantity and the specific terms of the agreement. These are some basic concepts to consider when using legal documents and contracts.
Can you cancel a cell contract?
You can cancel your contract, but you would be subject to an early termination fee that can be hundreds of dollars. Each cellular carrier has a different cancellation fee. Another option is to run a "Google" search for "get out of my contract" and you will find various services that can help you escape your contract without paying an ETF.
How long does a cosigner need to be on the contract?
untill its paid off * The other option is for the primary borrower to have the loan refinanced without the participation of the original cosigner.
What is the point of portemeirion options?
Portemeirion is famous for their pottery. An option is a contract to sell a specific product which is the underlying interest of that option. A Portemeirion option is a very specific contract with an option on Portemeirion pottery and has a very specific price and date when the contract can be exercised. For more information do a search for Options Trading and choose one.
