Five ways to get an option contract:
- Restatement Second of Contracts § 45
Option Contract Created by Part Performance or Tender
Copyright, The American Law Institute
- Where an offer invites an offeree to accept by rendering a performance and does not invite a promissory acceptance, an option contract is created when the offeree tenders or begins the invited performance or tenders a beginning of it.
- The offeror's duty of performance under any option contract so created is conditional on completion or tender of the invited performance in accordance with the terms of the offer.
- Only applies when inviting a unilateral contract.
- Restatement Second of Contracts § 87(1)Copyright, The American Law Institute
- An exception for signed writing purporting consideration
- Restatement Second of Contracts § 87(2)Copyright, The American Law Institute
An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be held open is not revocable, for lack of consideration, during the time stated or if no time is stated for a reasonable time, but in no event may such period of irrevocability exceed three months; but any such term of assurance on a form supplied by the offeree must be separately signed by the offeror.Copyright, The American Law InstituteCopyright, The American Law Institute