An option to purchase property is classified as which type of agreement?

An option to purchase property is classified as an express unilateral agreement because it involves a contract in which one party grants the other the right to buy property under specified terms, but is not obligated to do so. In this agreement, the optionor (the property owner) promises to sell the property if the optionee (the potential buyer) decides to exercise the option within a specified time frame.

The key aspect that defines it as unilateral is that only the optionor has an obligation while the optionee holds the choice to act. Once the option is exercised, a bilateral agreement (which involves mutual obligations) is created as the parties then commit to completing the transaction based on the agreed terms.

The other options do not accurately reflect the nature of an option to purchase. An implied bilateral agreement suggests mutual obligations from the outset, which does not align with the nature of an option. A written construction contract typically involves different terms and conditions related to construction projects, which are not pertinent to options on real estate. A verbal agreement lacks the necessary written component that is essential for enforceability in the context of real estate transactions under California law, making it insufficient for an option to purchase.