Question

When a buyer reserves the right to buy a property at an agreed upon price, within a stated period of time, without being obligated to do so, it is known as a?

Answer 1

The answer to this question is "OPTION", it is a contract to keep it open until the defined and agreed duration between the two parties. Such as when a buyer reserves the right to buy a property at an agreed upon price within a stated period of time of duration without being obligated or forced to do so then this is exactly an OPTION.