Option Agreement Without Consideration
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How to fill out Option Agreement?
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FAQ
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.
When there is no consideration for a promise, the agreement is: illegal. void. not binding.
When a Contract Lacks Consideration A contract may lack consideration if any of the following is true: The promise cannot legally (or practically) be offered. Offer is made for something that already has been done ("past consideration") and therefore cannot be bargained for.
Option contract: An option contract (i.e., a promise to hold an offer open for a set amount of time) usually does not need consideration, if the option is in a writing signed by the offeror, and recites that consideration has been paid for the option.
An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract. Under the common law, consideration for the option contract is required as it is still a form of contract, cf.