what's the definition of an option contract
An option contract, or simply option, is defined as a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer. Restatement of Contracts Â§ 25. 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. Consideration for the option contract is still required as it is still a form of contract, cf. Restatement of Contracts Â§ 87. Typically, an offeree ...