In an option contract, what does the optionee receive in exchange for the option consideration?

In an option contract, the buyer (optionee) pays the seller (optionor) option consideration in return for the exclusive right to purchase or lease the property on specified terms during a stated period. The optionee is not obligated to buy — they hold a unilateral right — but the optionor is bound to keep the offer open and cannot sell to someone else during the option term. If the optionee exercises the option, a binding purchase contract is formed. If they let it lapse, they typically forfeit the option money. Options are an 'advanced' contract topic because they differ from a standard bilateral purchase agreement where both parties are obligated.