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Un contrato unilateral que le da al comprador el derecho, pero no la obligación, de comprar o vender un bien tangible, o un contrato de futuros, a un precio especificado dentro de cierto período de tiempo. Es unilateral por que una sola parte (el comprador) tiene el derecho de exigir que se lleve a cabo el contrato. Si el comprador ejerce sus derechos, el vendedor (otorgante o cedente) debe cumplir su obligación al precio de ejercicio, a pesar del precio actual de mercado del bien.
An option contract, or simply option, is defined as "a promise which meets the requirements for the formation of a contract and limits the promisor's power to revoke an offer". Option contracts are common in professional sports.
An option contract is a type of contract that protects an offeree from an offeror's ability to revoke their offer to engage in a contract.
Under the common law, consideration for the option contract is required as it is still a form of contract, cf. Restatement (Second) of Contracts § 87(1). Typically, an offeree can provide consideration for the option contract by paying money for the contract or by providing value in some other form such as by rendering other performance or forbearance. Courts will generally try to find consideration if there are any grounds for doing so. See consideration for more information. The Uniform Commercial Code (UCC) has eliminated a need for consideration for firm offers between merchants in some limited circumstances.