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Laura currently has a lease option and may opt to buy Annie's condo within one month. However, Laura decides to allow her brother, Bill, to buy Annie's condo instead. Assuming that her lease option allows this transfer, which of the following will most likely happen?

A. Transfer the option via an act of rescission.
B. Transfer the option via a novation.
C. Transfer the option via an assignment.
D. Transfer the option via attachment.

1 Answer

3 votes

Final answer:

Laura will most likely transfer the lease option to her brother, Bill, via an assignment, which allows her to transfer her purchasing rights without altering the original agreement with Annie.

Step-by-step explanation:

If Laura has a lease option on Annie's condo and decides to let her brother, Bill, buy the condo, the correct course of action, assuming the lease option allows for the transfer, would likely be C. Transfer the option via an assignment. An assignment involves the transfer of rights or interests from one party to another. In the context of a lease option, this means Laura can transfer her right to purchase the property to Bill without altering the original terms of the lease agreement with Annie.

It is important to note that the terms of the lease option should explicitly allow for such a transfer. If it does not allow for assignment, Laura may not be able to legally transfer the purchase right to Bill. Moreover, novation would involve creating a new agreement which is not necessary in this case, attachment is a legal process that is not relevant here, and rescission would cancel the contract entirely, which is not the intended action.

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