Which of the following statements regarding an option agreement is INCORRECT?

A. The optionee can buy the property at a definite set price within the specified time.
B. The owner can sell the property to someone else while the option is in effect, but the purchaser would buy the property subject to the option.
C. The option can be assigned by the optionee.
D. An optionee's consideration must be returned if the option is not exercised.

Answer: D. An optionee's consideration must be returned if the option is not exercised.