Suppose X was offering to sell land to Y, and further promises to keep the offer open for 60 days. Y pays $1,000 as consideration to keep the promise open for 60 days. Which statement regarding the formation of option contracts is NOT true? O Y can sell his option to a third party OX cannot revoke the offer within the 60 day period. If Y doesn't exercise the option contract (i.e., he decides not to buy) he will get his money back. OY does not have to buy the land