An option contract must contain ________.

An option contract is a type of agreement where one party grants another party the right, but not the obligation, to purchase a property at a specified price within a certain time frame. One of the critical elements required for an option contract to be valid is consideration. Consideration refers to something of value that is exchanged between the parties involved; it can be in the form of money, services, or a promise to do or refrain from doing something.

In the context of an option contract, the consideration is typically a small fee paid by the optionee (the person who receives the option) to the optionor (the person granting the option) for the exclusive right to purchase the property during the option period. This amount is often non-refundable and serves as motivation for both parties to adhere to the contract's terms.

While a legal description of the property, sale price, and renewal clause can be important components in real estate transactions, they are not strictly essential elements of an option contract. However, to create a valid option, the presence of consideration is non-negotiable.