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In an option contract, the seller is referred to as the optionor and the buyer is the optionee. The seller is obligated to sell, while the buyer has the option to buy. When the buyer exercises their option, it becomes a bilateral contract. The option can be assigned to another party unless stated otherwise. In a lease option, the lessee agrees to lease with an option to buy, typically for some form of consideration. The lessee is the optionee, and the lessor is the optionor in this agreement.
