44. Options to purchase.

Options to purchase and repurchase land create contingent interests in property capable of arising after a period of time. Accordingly, they need to be considered against the law relating to perpetuities1.

At common law, such an option is bad for perpetuity, if unlimited in point of time, in so far as it creates an interest in land2, although, in so far as it gives rise to a personal right and liability in contract, it may be enforceable to the extent previously mentioned3. Such an option4 confined to the lives of the parties and not more than 21 years after is,