California Option Agreement Without Consideration
Description
How to fill out California Option To Purchase Package?
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FAQ
Importance of an Option ContractThey should always be in writing because at their most basic form they are the promise of one party to take an agreed upon action in the future, and over time, misunderstandings can arise as the original terms and intent of the agreement.
A promise to keep a deal open is an option contract with the common law and requires consideration. UCC calls this a firm offer and requires writing. The UCC also requires that the offer be made by a merchant as opposed to just having consideration to support the offer.
In addition, an option contract requires consideration. If an option is not supported by consideration, it is considered an offer and not a contract. Consideration is generally defined as something of value.
Please note that according to the UCC, Section 2-205 , a written offer by a merchant to buy or sell goods is irrevocable for the period of time stated in the offer even if there is no consideration. In other words, according to the UCC an option contract requires no consideration whatsoever to be enforceable.
In addition, an option contract requires consideration. If an option is not supported by consideration, it is considered an offer and not a contract. Consideration is generally defined as something of value.
