If the privilege of electing to purchase is seasonably exercised in accordance with the terms of the option contract, an executory contract of sale arises,46 and thereafter the parties stand in the

41. Kelsey v. Crowther, 182 U. S. 404; Martin v. Morgan, 87 Calif. 203, 25 Pac. 350, 22 Am. St. Reps. 240; Trogden v. William, 144 N. Car. 192, 56 S. E. 965, 10 L. R. A. New Series 867; Agar v. Streeter, 183 Mich. 600, 150 N. W. 160, also see note 24 L. R. A. New Series 9.

42. Horgan v. Russell, 24 N. D. 490, 140 N. W. 99, 43 L. R. A. New Series 1150.

43. Breen v. Mayne, 141 Iowa 399, 118 N. W. 441; Watson v. Coast, 35 W. Va. 463, 14 S. E. 249.

44. Smiddy v. Grafton, 163 Calif. 16, 124 Pac. 433, Anno. Cases 1913, E. 923.

45. Rockland Rockport Lime Co. v. Leary, 203 N. Y. 469, 97 N. W. 43, L. R. A. 1916, F. 352.

46. Horgan v. Russell, 24 N. D. 490, 140 N. W. 89, 43 L. R. A. N. S. 1150, Ruling Case Law 346; Curran v. Rogers, 35 Mich. 221, Goldberg v. Drake, 145 Mich. 50, 108 N. W. 367.

relation of vendor and purchaser with the rights and remedies common to such a relation; such rights and remedies being more fully treated in other sections of this book.