The option must be in writing and signed by the owner of the land or his authorized agent, the contract being within the Statute of Frauds.4

While it is preferable to specify the time during which the option contract is to run, nevertheless, a failure to do so does not necessarily invalidate the option. If a consideration is present, it will remain open for a reasonable time.5

Sec. 247. Form Of Option

This agreement, made and entered into this...................day of...................., A. D. 19........, between A. B. of...................., hereafter called the optionor, and C. D. of...................., hereafter called the optionee,

Witnesseth: In consideration of $............................, receipt of which is hereby acknowledged, optionor gives and grants unto the optionee and to his heirs, and assigns, the exclusive right or privilege of purchasing on or before the................day of................................, A. D. 19........, all that certain piece of real estate owned by the optionor and situated in (township or city) of............................, county of........................, and State of

Michigan, more particularly described as follows (here insert complete description of property): For the sum of $................, to be paid according to the following terms (here insert terms).

Notice of the election to purchase hereunder by the optionee or his assigns, shall be in writing, and shall be given to the optionor at .................... within .................... days after notice of election to purchase, the optionor agrees to furnish at his own cost and expense a.................... abstract of title brought down to date.

The optionee, his heirs or assigns shall have....................days from and after delivery of said abstract of title within which to examine the same.

If the title to the above described property is well vested in said optionor and is free and clear of all encumbrances except ...................., then the optionee shall fully perform his part of

4. Coleman v. Applegarth, 68 Md. 21, 6 Am. St. Rep. 417; 11 Atl. Rep. 284.

5. Kellow v. Jory, 141 Pa. St. 144.

21 Atl. Rep. 522; Hanley v. Water-son, 39 W. Va. 214, 19 S. E. 536; Vassault v. Edwards, 43 Calif. 459; Larmon v. Jordan, 56 111. 204.

said option contract in accordance with the terms as heretofore stated, but if the title to such described property shall be other than as above stated, then this option shall be at an end and the optionor shall pay to the optionee on demand, all moneys theretofore paid by the optionee on account of the said price.

Upon performance by the optionee hereunder, the optionor agrees to convey to him, or his heirs and assigns, by good and sufficient warranty deed, and to deliver up possession of said property.

Witness: The hands and seals of the said parties the day and year first above written.

In presence of:

................................................(A.)

.................

....................

..............