For 10 points, name this type of contract that limits the promisor's power to revoke, the most common example of which gives the promisee the ability to purchase land or other property at any time.
Section 45 of the Restatement of Contracts states that another type of agreement, defined as promises exchanged for actions, creates this type of obligation when part performance is tendered. Section 87 of the Restatement lays out the requirements for this type of contract: it must be signed and in writing, recite a purported consideration, and propose an exchange on fair terms within a reasonable time. For 10 points, name this type of contract that limits the promisor's power to revoke, the most common example of which gives the promisee the ability to purchase land or other property at any time.
Section 45 of the Restatement of Contracts states that another type of agreement, defined as promises exchanged for actions, creates this type of obligation when part performance is tendered.
option contract