Which statement about a valid option contract is INCORRECT?

An option contract is a special type of agreement in real estate where the buyer has the right, but not the obligation, to purchase property within a specified timeframe for a specified price. This relationship is characterized by the buyer paying consideration—usually in the form of money—to secure this right.

The statement that the option contract imposes an obligation to purchase is incorrect because the essence of an option contract is that it gives the buyer the choice to decide whether or not to proceed with the purchase. The seller, on the other hand, is bound not to sell the property to anyone else during the option period, but the buyer does not have to exercise the option if they choose not to. This fundamental concept differentiates option contracts from other types of contracts, where an obligation to perform is expected.

In addition, the other statements accurately reflect the nature of option contracts. An option contract remains valid regardless of the seller's consent to the purchase at the time of exercise, as it is a pre-established agreement. The buyer must pay consideration to secure the option, which supports the validity of the contract. Lastly, the seller is not obligated to close on the sale unless the buyer chooses to exercise the option, reaffirming that the contract is about the buyer's right rather