What type of conversion terminates the old system as soon as the new system is ready?

A prospective purchaser obtained a four-month option on a parcel of real property by paying $200 to the owner. All of the following are true EXCEPT

A. the optionee has created a legal interest in the property. B. the optionor is totally restricted by having received a "valuable" consideration. C. the agreement imposes no obligation on the optionee to purchase the property. D. a unilateral contract has been created.

Spandra Electronics wants to raise money by selling stock. After talking to several investment

banking firms, Spandra decides to hire Goldman Sachs to sell 5 million shares of its common stock. Goldman sells 4.5 million shares and returns the rest to Spandra. This is an example of A) a competitive bid purchase. B) a privileged subscription with a standby agreement. C) a privileged subscription with a standby agreement. D) a commission or best-efforts agreement.