What situation best exemplifies a buyer’s option in an option contract?

The best example of a buyer’s option in an option contract is the right to purchase at a predetermined price within a specified period. This definition aligns closely with the fundamental principles of an option contract, where the buyer is granted a unique right without any obligation to execute the purchase.

In such a contract, the buyer can choose to complete the purchase at the specified price during the agreed-upon timeframe. This structure provides security to the buyer, allowing them to wait and see how the market behaves or how their situation evolves before making the decision to proceed. Other choices do not capture the essence of the buyer's option as effectively; for instance, negotiating commission rates is not intrinsically tied to an option contract, nor is the ability to cancel after purchase or the right to sell the property, both of which pertain to other real estate transaction concepts rather than the specific rights granted in an option contract. Thus, the right to purchase at a predetermined price encapsulates the primary function of a buyer's option.