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There are various kinds of options; in all of them the option-holder has a choice, a power of electing between alternatives. Usually this choice or power of electing is possessed by only one party, and for that reason the transaction is often referred to as unilateral; but it is possible for both parties to a transaction to have an option. Thus, in the case of any subsisting, unaccepted offer, not yet become a contract, an option is possessed" by both parties; the offeree may accept or reject at his option;, the offerer has the option of withdrawing his offer before acceptance. Such two-sided options as this will be touched upon hereafter only to distinguish them. Their full discussion would cover the formation of almost all contracts. This article will be almost wholly restricted to a discussion of so-called "binding options", or option contracts giving to one the legal right of choice, but "no such right to the other.
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