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option


  as an issue of Obligation (read more...)

option, defined:

in contracts, the agreement to hold open an offer for a particular length of time. An option allows the party who received the offer (offeree) a set length of time to either accept or reject the offer. An option usually restricts the party making the offer (offeror) from making an offer to another party during the specified period.

option, as it might be used:

The company holds an option to purchase the equipment.
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