The optionee of an option contract may enforce the same not only against the op-tionor, but also against a third party, who is a purchaser of the optioned property with notice of the outstanding option, if notice of election is timely given,47 and the fact that the optionee in an option contract for the purchase of real estate may have a remedy at law against the optionor for a breach of the contract to convey does not prevent the optionee from having specific performance of the contract,48 although on account of the particular equities involved the courts have held otherwise.49

The option contract may be enforced against the heirs, devisees and representatives of the optionor in case of his death before the right of election has been exercised by the optionee, providing such election is duly made within the specified time, and in accordance with the requirements of the option contract.50

An option contract cannot be enforced against third persons who become purchasers for value of property in ignorance of the option.51