What does option contract mean?
Definitions for option contract
op·tion con·tract
This dictionary definitions page includes all the possible meanings, example usage and translations of the word option contract.
Wikipedia
Option contract
An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer". An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract. Under the common law, consideration for the option contract is required as it is still a form of contract, cf. Restatement (Second) of Contracts § 87(1). Typically, an offeree can provide consideration for the option contract by paying money for the contract or by providing value in some other form such as by rendering other performance or forbearance. Courts will generally try to find consideration if there are any grounds for doing so. See consideration for more information. The UCC has eliminated a need for consideration for firm offers between merchants in some limited circumstances.
Numerology
Chaldean Numerology
The numerical value of option contract in Chaldean Numerology is: 7
Pythagorean Numerology
The numerical value of option contract in Pythagorean Numerology is: 3
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"option contract." Definitions.net. STANDS4 LLC, 2024. Web. 27 Apr. 2024. <https://www.definitions.net/definition/option+contract>.
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