Option Contracts Defined

An option contract is a legally enforceable promise that limits an offeror's power to revoke the offer. See Restatement (Second) Contracts ยง 25.

Suppose Rex offers to sell his car to Regina. When he does so, he also makes a legally enforceable promise that the offer will remain open for six days.

Rex's promise is

is not an option contract because six days is too a short time.

an option contract.