Contract option refers to the right of annulment, in which setting deadlines plays a vital role concerning the rights of parties involved in contract. In some options that form the basis of contract (such as conditional option), unawareness about contract deadline, or f
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Contract option refers to the right of annulment, in which setting deadlines plays a vital role concerning the rights of parties involved in contract. In some options that form the basis of contract (such as conditional option), unawareness about contract deadline, or failure to set it, may invalidate contract. In other types of options, the contract remains valid if the option is not practiced in its due time. Although jurisprudence and law have discussed the time span for options, there are always challenges in determining whether the options have been applied within the deadline. In the present study, all types of options have been independently described and analyzed in three categories: urgent, unidentified urgent and non-urgent. At the appointed time, the deadline may be determined based on agreement or a prescription of law. The authority in litigations is expert judgment, especially for urgent and common non-urgent cases, and doubtful situations.
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