Louisiana Civil Code 2621 – Acceptance, when effective; option turns into contract to sell; rejection
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Terms Used In Louisiana Civil Code 2621
- Contract: A legal written agreement that becomes binding when signed.
- Grantor: The person who establishes a trust and places property into it.
The acceptance or rejection of an offer contained in an option is effective when received by the grantor. Upon such an acceptance the parties are bound by a contract to sell.
Rejection of the offer contained in an option terminates the option but a counteroffer does not.
Amended by Acts 1960, No. 30, §1, eff. Jan. 1, 1961; Acts 1993, No. 841, §1, eff. Jan. 1, 1995.