An option: transfers title immediately when it is signed by both parties, transfers legal title (but not equitable title) when it is signed by both parties, sets a time limit to keep an offer open, does not include the basic terms of the contract (such as the sale price); those are to be determined later?
1) transfers title immediately when it is signed by both parties
2) transfers legal title (but not equitable title) when it is signed by both parties
3) sets a time limit to keep an offer open
4) does not include the basic terms of the contract (such as the sale price); those are to be determined later