Under what condition is an option to buy enforceable?

An option to buy is enforceable when consideration has been exchanged, even if that consideration is minimal, such as being less than $10, provided that it has actually passed from one party to the other. The validity of an option to purchase is based on the presence of consideration; thus, a nominal amount is sufficient to create a binding agreement. The significant factor is that value has been given, which demonstrates that both parties entered into the agreement intending to be legally bound.

In real estate and contract law, the idea behind this is that even a small amount of consideration can signify a genuine agreement. It reflects that the option is not just a gratuitous promise but rather a commitment backed by a tangible exchange, satisfying the legal requirement for enforceability.