Can you revoke an option contract?
A promise to keep an offer open that is paid for. With an option contact, the offeror is not permitted to revoke the offer because with the payment, he is bargaining away his right to revoke the offer.
Who are parties to a contract of sale?
Sometimes called a sale of goods contract, a sales agreement, or a purchase agreement, a sales contract outlines the terms of a transaction between two parties: the buyer and the seller.