Question

Neighbor Sam told seller Jake that he would buy 2 adjoining acres if Jake ever decides to sell. This is an example of a

Answer 1

The correct answer is A. An option contract. Neighbor Sam expressing interest in buying 2 adjoining acres if Seller Jake decides to sell creates an option contract.

Step-by-step explanation:

The correct answer is A. An option contract. A contract is a legally binding agreement between two or more parties. An option contract is a type of contract that gives one party the right, but not the obligation, to buy or sell property, such as land, at a specified price within a certain period.

In this scenario, Neighbor Sam has expressed his interest in buying 2 adjoining acres if Seller Jake ever decides to sell. This expression of interest creates an option contract, as Neighbor Sam has the right to buy the land if Jake decides to sell.

This question is not complete, Here I am attaching the complete question:

Neighbor Sam told seller Jake that he would buy 2 adjoining acres if Jake ever decides to sell. This is an example of a:

A. An option contract

B. A counteroffer

C. An executed contract

D. An express contract