This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
In consideration of --------- dollars ($---------), the receipt of which is hereby acknowledged, I hereby give to C. D. the right and option to purchase from me at any time within ---------days from the date hereof ---------shares of the ---------
[common or preferred] stock of The X. Y. Company at $--------- per share, payable in cash.
All dividends, for which the transfer books close during said time, go with the stock. One day's notice of the exercise of this option is required, except on the last day.