<Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer ." Restatement (Second) of Contracts § 25 (1981). </P> <P> An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract . </P> <P> Consideration for the option contract is still required as it is still a form of contract, cf . Restatement (Second) of Contracts § 87 (1). Typically, an offeree can provide consideration for the option contract by paying money for the contract or by providing value in some other form such as by rendering other performance or forbearance . See consideration for more information . </P>

What type of contract is an option to buy contract