If a buyer gives the seller an option to purchase property for a set price, what type of contract is this?

The correct choice is an option agreement. This type of contract allows a buyer to purchase a property at a specified price within a designated timeframe. In an option agreement, the seller grants the buyer the exclusive right to purchase the property, but the buyer is not obligated to go through with the purchase. This arrangement gives the buyer the flexibility to evaluate their decision before making a commitment, while also securing the property at the agreed-upon price.

An open listing agreement refers to a type of real estate listing where the seller retains the right to sell the property themselves and can engage multiple brokers without any exclusivity. This does not relate to the concept of providing an option to purchase.

An implied sales agreement involves an understanding that may not be formally written, suggesting mutual consent for a transaction. However, this situation lacks the defined terms essential for an option agreement, where specific conditions and a purchase price are established.

A bilateral agreement is one where both parties have obligations; however, in an option agreement, the seller is the only party bound to the contract if the buyer decides to exercise the option. The buyer is not bound to purchase, making the terminology regarding both parties being bound inaccurate for this particular scenario.