Final answer:
An option contract is best classified as unilateral because it involves an obligation by the offeror to keep the offer open for a specific time in exchange for a payment, with the offeree not obliged to reciprocate unless they exercise the option. Consideration is required for the contract to be valid.
Step-by-step explanation:
Understanding Option Contracts
An option contract is a specific type of contract in law that involves an arrangement between two parties: the offeror and the offeree. The correct classification of an option contract is a. Unilateral. This is because it primarily requires an obligation from the offeror to hold an offer open for a specified period in exchange for a payment, while the offeree has no obligation to reciprocate until they decide to exercise the option. Definite consideration is necessary for an option contract to be valid because it is what the offeror receives in exchange for granting the option. Without this consideration, the option contract would not be enforceable.