130. How and by whom option exercisable.

The terms of the option usually require that it is to be exercised in writing; but this requirement, even where not expressed, is implied, as it is the intention that the resulting contract is to be binding on both parties1. An option may be exercised by service of a notice signed by the grantee only notwithstanding the statutory requirements2 requiring a contract for the sale or other disposition of an interest in land to be signed by or on behalf of each party to the contract3. If the option is given to the tenant and his assigns, it is