CHAPTER 14.  AGREEMENTS PREPARATORY TO THE SALE

SECTION 1.  OPTION

Art. 2620.  Option to buy or sell

An option to buy, or an option to sell, is a contract whereby a party gives to another the right to accept an offer to sell, or to buy, a thing within a stipulated time.

An option must set forth the thing and the price, and meet the formal requirements of the sale it contemplates.

Acts 1993, No. 841, §1, eff. Jan. 1, 1995.