Which of the following involves the right to buy property at a specified price during a specified period?

The correct answer is an option contract because it specifically grants an individual the right to purchase property at a predetermined price within a set timeframe. This type of contract is a legal agreement where the seller agrees to sell the property if the buyer decides to exercise their option.

The fundamental characteristic of an option contract lies in its unilateral nature; only the buyer is obligated to take action during the specified period, giving them the flexibility to decide whether or not to make the purchase. This arrangement is particularly beneficial for buyers who may need time to secure financing or assess the property without committing to an immediate purchase.

In contrast, a sales agreement is a binding contract that outlines the terms of buying and selling a property but does not inherently provide the option to purchase at a later date. An exclusive agreement typically refers to a type of listing agreement with real estate agents that ensures a single agent represents the seller, and it does not grant a right to purchase. Similarly, a lease agreement permits a tenant to occupy a property but does not provide any option for buying the property outright within the lease term.