Flex Option Contract vs Option to Purchase Contract

[Debra S.]

Hi, not sure if I'm in the right section, but I've been reading about the "option to purchase contract" and recently heard about the "flex option contract".   Are these the same thing?  The language looks similar, but some versions of the contract use the words optionor/optionee and others I've seen use the words seller/buyer.

So my questions are: Are the flex option contract and the option to purchase contract the same?

If they are the same, which is the correct language to use?  optionor/optionee or seller/buyer?

Thanks

[Marvin McTaw]

@Debra S. the "option to purchase" agreement and the "flex option" agreement are not the same things. The option to purchase agreement gives someone the exclusive, unilateral right but not the obligation to do something (e.g. buy something) and the other party is compelled to do what the agreement says. 

The flexible option does not do that. The flexible option agreement gives one party the option to buy and the second party the option to either agree to sell or not at pre-set terms. It basically can be terminated by both parties. That's what makes it flexible. 

What specifically is causing you to consider using either of these agreements? You usually are fine with just a standard purchase and sale agreement because there are lots of embedded options in that agreement itself.