Editing Option contract (section)

==Introduction==
An option is the right to convey a piece of [[property]]. The person granting the option is called the ''optionor''<ref>{{Cite web|url=http://dictionary.findlaw.com/definition/optionor.html|title=Optionor}}</ref> (or more usually, the ''grantor'') and the person who has the benefit of the option is called the ''optionee'' (or more usually, the ''beneficiary'').

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 [[Real property|land]]), in many countries an option must be registered in order to be binding on a third party.