A mining contractor signed an option contract with a landowner which provided that if the mining contractor (the optionee) performed a specified minimum amount of exploration services on the property of the owner (the optionor) within a nine-month period, then the optionee would be entitled to exercise its option to acquire certain mining claims from the optionor. Before the expiry of this nine month option period, the optionee realized that it couldnt fulfil its obligation to expend the required minimum amount by the expiry date. The optionee notified the optionor of its problem prior to expiry of the option period and the optionor indicated that the option period would be extended. However, no written record of this extension was made, nor did the optionor receive anything from the optionee in return for the extension. The optionee then proceeded to perform the services and to finally expend the specified minimum amount during the extension period. However, when the optionee attempted to exercise its option to acquire the mining claims the optionor took the position that, on the basis of the strict wording of the signed contract, the optionee had not met its contractual obligations. The optionor refused to grant the mining claims to the optionee. Was the optionor entitled to deny the optionees exercise of the option? Identify the contract law principles that apply, and explain the basis of such principles and how they apply to the positions taken by the optionor and by the optionee