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6. Jimmy offered to sell his condominium to Andrea for $250,000 and promised to keep the offer open for 45 days. Andrea wanted to buy
6. Jimmy offered to sell his condominium to Andrea for $250,000 and promised to keep the offer open for 45 days. Andrea wanted to buy the condominium, but she needed to get financing. Andrea thought that she could get financing within the following 45 days and wanted to ensure that Jimmy would keep his offer open. Jimmy and Andrea both signed an agreement that included the following per- tinent language: ''In consideration of $100, I, Jimmy, grant unto you, Andrea, an option to purchase the condominium for $250,000 for 45 days after the date on this agreement.'' Andrea never gave Jimmy $100. On the next day after the signing of the option agreement, Andrea found financing. Andrea immediately went to Jimmy's condominium, said to Jimmy that she accepted his offer to sell his condominium, and was exercising the option. Andrea handed Jimmy the appropriate paper- work to exercise the option. Jimmy took the paperwork, but then said, ''Sorry but I revoke my offer. I am not selling the condominium.'' Which of the following is the best characteriza- tion of the facts above? a. Andrea's exercising of the option is merely an offer and not an acceptance since the consideration of $100 for the option agreement was never paid. b. Andrea's fulfillment of the condition to get financing creates a binding obligation to Jimmy to sell the property to Andrea. c. Andrea entered into a contract with Jimmy to purchase the condominium for $250,000. d. Andrea lost the power of acceptance because she never paid the $100 in consideration for the promise to not revoke the offer
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