Inasmuch as an option contract is but a continuing effort which, when supported by valuable consideration, is kept open for a specified time, or if no time is specified, a reasonable time, it consequently follows that until there is

an election on the part of the optionee the optionor obtains no rights enforceable under the option contract. After a proper and timely election, however, creating a mutually binding contract of sale, the optionor has all the rights and remedies common to such contracts.52

47. Ross v. Parks, 93 Ala. 153, 8 So. 368, 30 Am. St. Reps. 47, 11 L. R. A. 148; Smith v. Bangham, 156 Calif. 359, 104 Pac. 689, 28 L. R. A. New Series 522; Anderson v. Anderson, 251 111. 415, 96 N. E. 265, Ann. Cases 1912, C. 556; Horgan v. Russell, 24 N. D. 490, 140 N. W. 99, 43 L. R. A. U. S. 1150.

48. Forney v. Birmingham, 173 Ala. 1, 55 So. 618.

49. Rathbone v. Groh, 137 Mich. 373, 100 N. W. 588.

50. Witting's Succession, 121 La. ' 501, 46 So. 606, 15 Ann. Cases 379;

Rockland Rockport Lime Co. v. Leary, 203 N. Y. 469, 97 N. E. 43, Ann. Cases 1913, B. page 62, L. R. A. 1916 F. 352; Mueller v. Nort-man, 116 Wise. 468, 93 N. W. 538, 96 Am. St. Reps. 997.

51. Barrett v. McAlister, 33 W Va. 738, 11 S. E. 220.

Likewise when the optionee has made a timely and proper election, a breach on the part of the optionor of the contract of sale brought into existence by the election entitles the optionee to maintain an action for such breach.53

A suit for specific performance 54 or an action to recover payments made, however, if the optionee has made no election, a breach by the optionor before the expiration of the time specified ordinarily entitles the optionee to recover damages for the breach of the option contract only, but even after a breach of the option contract by the optionor the optionee may still make a timely and proper election within the specified time, thus creating a bilateral contract with all the remedies consequent thereto, and the facts of the case may be such that it may be immaterial whether or not there has been an election.55