Agreements on Providing an Option to Conclude a Contract

The study focuses on the regularities of civil and legal regulation of public relations arising in the field of agreements on providing an option to conclude a contract considered in the dogmatic aspect. The aim of the study is to substantiate the idea that the agreement on providing an option to conclude a contract as a standard construct fixed in the positive law is a kind of organizational legal relations that create conditions for further conclusion of contracts for the transfer of property, work, and services. The objectives of the study are: (1) to give a general description of the agreement on providing an option to conclude a contract; (2) to analyse the essential terms of such an agreement; (3) to show the difference between the agreement on providing an option to conclude a contract and the option agreement. The methodological basis of the study is general and specific scientific methods of cognition, including a formal legal one. As a result of the study, the following main conclusions were made. The agreement on providing an option to conclude a contract is a real, bilaterally binding, compensated, as a general rule, organizational contract. The essential terms of this agreement the parties must agree on before concluding it are: the subject matter of the agreement; other terms essential or necessary for agreements of this type as prescribed by Paragraph 8 of Article 429.2 of the Civil Code of the Russian Federation; initiative terms that one of the parties wants to coordinate, including the size of the option premium or other reward for the acquisition of the option; the terms of acceptance of the irrevocable offer by the option holder. The agreement on providing an option to conclude a contract, in contrast to the option agreement enshrined in Article 429.3 of the Civil Code of the Russian Federation, gives rise to an option as a secondary right in the form of a law-making opportunity. Its implementation leads to a conclusion of another agreement agreed upon by this agreement. "Organizational" and "organized" contracts are associated in this case. The former is the agreement on providing an option to conclude a contract, and the latter is the agreement resulting from the implementation by the holder of an option of the provided law-making opportunities. Therefore, the agreement on providing an option to conclude a contract is a direct transaction while the option agreement is an indirect one.

Keywords

Authors

References