In general, option contracts for real estate

This statement is incorrect because option contracts are indeed binding on the seller once they grant the option to the buyer. The seller is obliged to honor the terms of the option if the buyer decides to exercise it within the specified time frame.

While option contracts do create obligations for the buyer, this statement does not capture the essential requirement of being in writing. The buyer is bound to the agreement only if the option is valid and enforceable, which necessitates a written contract.

This choice is misleading as option contracts can vary in duration. While some options may be short-term, others can extend for several months or even years, depending on the agreement between the parties. There is no standard term length that applies universally to all option contracts.