In general, option contracts for real estate

This statement is incorrect because an option contract is binding on the seller once they grant the option to the buyer. The seller cannot sell the property to anyone else during the option period without breaching the contract, demonstrating that the seller is indeed bound by the terms of the agreement.

While it is true that option contracts create obligations for the buyer, stating that they are "binding on the buyer" does not encompass the essential nature of the contract's validity, which hinges on the requirement for it to be in writing. Therefore, while the buyer is committed to the terms if they choose to exercise the option, this choice does not accurately reflect the fundamental legal requirement of the contract.

This choice is misleading as option contracts can vary significantly in duration and are not inherently limited to short terms. The length of an option contract is negotiable between the parties and can range from a few days to several years, depending on the specifics of the agreement and the market conditions.