An option, like all other contracts, requires a valuable consideration to support it. In the absence of a valuable consideration, a writing although in the form of an option, is not a contract, but a mere offer to sell. This may be withdrawn by the owner any time before it has been accepted by the other party.6

An acceptance of the offer, however, duly communicated to the owner before the offer is withdrawn, binds the owner to make a conveyance, and the want of a consideration for the option is no excuse; the acceptance of the offer to sell completing a contract of sale of the property.7

The consideration to support an option contract must be distinct from the price of the land. Something of which it can be said, this was given by the proposed purchaser to the proposed vendor as the price for the option or privilege to purchase.8 An advance payment to be returned with the

6. Axe v. Tolbert, 179 Mich. 356, 146 N. W. 418; Weaver v. Burr, 31 W. Va. 736, 8 S. E. 745; Ide v. Leiser, 10 Mont. 5, 24 Am. St. Rep. 17, 24 Pac. 695.

7. Guyer v. Warren, 175 111. 328, 51 N. E. 580; Yerkes v. Richards, 153 Pa. St. 646, 34 Am. St. Reps.

721, 26 Atl. Rep. 221; Fitzgerald v. Boyle, 193 Pac. 1109.

8. Ide v. Leiser, 10 Mont. 5, 24 Am. St. Rep. 17, 24 Pac. 695; Murphy v. Reid, 125 Ky. 585, 101 S. E. 964, 128 Am. St. Reps. 259, 10 L. R. A. New Series, 195; 27 Ruling Case Law 338.

privilege of purchasing is insufficient to support an option.9 On the other hand, the courts have held that where the option contract provides that in case a sale of the land afterwards follows the option, the consideration therefor is to be applied as a part of the purchase price; that such consideration is sufficient to support the option.10

Unless required by the statute of frauds in a particular jurisdiction, the consideration to support an option need not be expressed but may be proved aliunde.11

In some jurisdictions it is held that an instrument under seal imports a consideration.12

According to the great weight of authority, the inadequacy of the consideration, if there is want of a valuable consideration, does not effect the binding effect of an option,13 and a nominal sum of $1.00 is sufficient.14 A mere recital of a nominal consideration, which is not paid or agreed to be paid, is insufficient however to support an option contract.15