Returning Subscriber?
Not a Subscriber to Litigation Pathfinder?
Get the full text of this legal issue, including links to cited primary law, along with unlimited access 1,000’s of other legal issues…and more!
Area of Law: | Business Organizations & Contracts |
Keywords: | Valid Option Agreement; Valuable Consideration |
Jurisdiction: | Minnesota |
Cited Cases: | None |
Cited Statutes: | Restatement (Second) of Contracts § 87; Minn. Stat. § 336.2-205 |
Date: | 02/01/2001 |
Valuable consideration actually given is not the only means by which an option becomes valid. An option becomes binding if any of the following is true: (1) consideration is received for it, or (2) detrimental reliance by the buyer occurs and was foreseeable by the Seller, or (3) a statutory "firm offer" is made.*FN1 Restatement (Second) of Contracts § 87 (1981).
FOOTNOTES
*FN1i.e., under Minn. Stat. § 336.2-205 (1996).
[…]
Subscribe to Litigation Pathfinder
To get the full-text of this Legal Memorandum ... and more!
(Month-to-month and annual subscriptions available)
Get the full text of this legal issue, including links to cited primary law, along with unlimited access 1,000’s of other legal issues…and more!