An option is the right to convey a piece of property. The person granting the option is called the optionor (or more usually, the grantor) and the person who has the benefit of the option is called the optionee (or more usually, the beneficiary).
Options characteristically exist in one of two forms:
- Call options, which give the beneficiary the right to require the grantor to sell or convey the property to them at the agreed price on exercise
- Put options, which give the beneficiary the right to require the grantor to buy or receive the property at the agreed price on exercise.
Because options amount to dispositions of future property, in common law countries they are normally subject to the rule against perpetuities and must be exercised within the time limits prescribed by law.
In relation to certain types of asset (principally land), in many countries an option must be registered in order to be binding on a third party.
Read more about this topic: Option Contract
Other articles related to "introduction, introductions":
... whose aim is to combat the ongoing and massive loss of biodiversity by using re-introductions as a responsible tool for the management and restoration of ... The need for this role was felt due to the increased demand from re-introduction practitioners, the global conservation community and increase in re-introduc ...
... Introduction", by Chicago from The Chicago Transit Authority "Introduction", by Hood from Outside Closer "Introduction", by Kajagoogoo from White Feathers "Introductio ...
... Introduction to Presuppositional Apologetics Part 2 ... Van Til The Theologian, 1976 ISBN 0-916034-02-X Medical Ethics, 1988 ISBN 0-87552-261-0 ...
... An Introduction to Metaphysics (Introduction à la Métaphysique) is a 1903 essay by Henri Bergson that explores the concept of reality ...
... The Borribles An Introduction, 2001 ... Things That Never Happen An Introduction, 2002 ... Wizardry and Wild An Introduction, 2004 ...
Famous quotes containing the word introduction:
“For the introduction of a new kind of music must be shunned as imperiling the whole state; since styles of music are never disturbed without affecting the most important political institutions.”
—Plato (c. 427347 B.C.)
“Do you suppose I could buy back my introduction to you?”
—S.J. Perelman, U.S. screenwriter, Arthur Sheekman, Will Johnstone, and Norman Z. McLeod. Groucho Marx, Monkey Business, a wisecrack made to his fellow stowaway Chico Marx (1931)
“The role of the stepmother is the most difficult of all, because you cant ever just be. Youre constantly being testedby the children, the neighbors, your husband, the relatives, old friends who knew the childrens parents in their first marriage, and by yourself.”
—Anonymous Stepparent. Making It as a Stepparent, by Claire Berman, introduction (1980, repr. 1986)