An option differs in the last point above mentioned from what is generally known as a "refusal." This may be described as a promise made by the owner to give the holder the first choice on a certain property; a promise that the owner will not dispose of the property to another party until the holder of the refusal has been notified. This latter is usually allowed a short time after notice, say twenty-four hours, in which to close or relinquish the bargain. Refusals are usually given without any consideration, for the paper carries with it but a slight obligation, and in practice it is found that the existence of a refusal often stimulates other purchasers. If any consideration does pass, it is entered on the books as in the case of options.