option contract

Definition of "option contract"
  1. An agreement that establishes a specific duration during which a commitment to a proposal is required
How to use "option contract" in a sentence
  1. The company entered into an option contract which obligated them to decide on the investment within a two months period.
  2. The real estate deal was facilitated by an option contract, allowing the buyer a six month window to accept the seller's offer.
  3. In academia, an option contract can provide a professor with a certain timeframe to decide on a university's job proposal.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z