Which characteristic is true for an option contract at common law?

An option contract at common law must be supported by consideration to be enforceable. Consideration is a fundamental element in contract law, representing something of value that is exchanged between the parties. In the context of an option contract, which grants the offeree the exclusive right to accept or reject an offer within a set timeframe, the promise to keep the offer open is enforceable only if there is consideration. This consideration is typically what the offeree provides in exchange for that right—whether it's a payment or some other form of value.

This requirement distinguishes option contracts from mere offers, as an offer may not necessitate consideration to exist, but to ensure its enforceability as an option, consideration is necessary. Since option contracts involve a promise to hold an offer open, the law seeks to ensure that the promisor is incentivized to commit to this obligation through the presence of consideration.