There are plenty of faces that pop up on this forum a lot that say a whole lot of nothing as well.I would say I respect the posters who have a range of experience, have actually done a lot of deals, and also have bilateral opinions that see what may be legitimate and illegitimate about both sides of a topic tend to earn my respect. 

An option is what is called a "unilateral contract" (a typical real estate contract is what's called a "bilateral contract").The difference between a "Uni"lateral contract and a "Bi"lateral contract is just as the words imply:Uni = one = only one party to the contract is obligated.Bi = two = both parties to the contract are obligated.A standard real estate contract is a bilateral contract, which obligates both buyer and seller to perform.

I've discussed this with several accountants and also consulted with one of the top cross boarder tax specialists in Toronto.Steven's response is correct; due to similarities in law, tax policies and bilateral treaties, there is little if any double taxation when Canadians invest in the US.

The courts will not intervene where one party has made a hard bargain unless fraud, duress, or unconscionable conduct is involved.FormationIn addition to the elements of a contract:A party must have capacity to contractThe purpose of the contract must be lawfulThe form of the contract must be legalThe parties must intend to create a legal relationshipThe parties must consentAs a result, there are a variety of affirmative defenses that a party may assert to avoid his obligation.Contracts May Be Bilateral or UnilateralA bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other.

Depending on what you are putting into the agreement it might be a bilateral agreement rather than an option agreement.

A P&S agreement is a bilateral agreement.

They would be ok with it but you would still have a late fee.A bigger thing you should be worried about is that when you have a lease agreement it is a Bi-Lateral contract, they have to perform (Pay rent on time) and if they do not perform you have to perform (Charge late fees).

In a contract it is a bi-lateral agreement, meaning you perform and they perform...

You don't need an MBA, but you do need to learn really how the business world operates, it's not how most people think, at least on here.Then pick your industry, here, you have chosen RE.Basic knowledge is dry, unexciting, when you read it it's hard to see where the money is or how in the world does knowing that a legal description "closes" or what a certain deed of conveyance does to make you money.The reason most have problems trying to follow some guru path to wealth is because they don't understand the foundation that the strategy is built on.In basic business law you'll learn what an endorsement is, what an assignment is and the different types of contracts there are (not talking RE contracts I'm speaking of unilateral and bi-lateral contracts).

Any financing agreement is a bilateral contract and that may not be assigned to another party without consent of the lender, this is basic contract law.