An option to purchase is, in effect, an offer to sell which is irrevocable for a stated period or until a stated event, made by the grantor of the option to the grantee. The grantee is entitled to convert the offer into a concluded contract to buy on giving the prescribed notice and complying with the conditions on which the option is made exercisable in any particular case1. There must be a binding contract to keep the offer open which requires either a deed or valuable consideration. Specific performance will not be granted of a voluntary contract, even if
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