Encyclopedia
Option to enter into a contract
An option to enter into a contract — one party provides another party with the right to conclude one or several contracts on terms stipulated by the option, through an irrevocable offer. An option to enter into a contract is provided in exchange for payment or other consideration, unless otherwise provided for in an agreement, including those concluded between commercial organizations. The other party has the right to conclude the contract by accepting such an offer in accordance with the procedure, within the time limits and on the terms stipulated by the option1.
An option to enter into a contract — must contain terms that allow for the determination of the subject and other essential terms of the contract to be concluded2.
Civil Code of the Russian Federation, Article 130, paragraph 1, as amended on March 18, 2019, Article 429.2, paragraph 1 // Official Gazette of the Russian Federation. 1994. No. 32. Item 3301. ↩
Civil Code of the Russian Federation, Article 130, paragraph 1, as amended on March 18, 2019, Article 429.2, paragraph 4 // Official Gazette of the Russian Federation. 1994. No. 32. Item 3301. ↩