by an hour, while they are still at the place of sale, does the period begin from the contract or from the time of the stipulation? We say: It begins from the time of the stipulation. However, the author said, “Its commencement is from the contract,” because he holds that the stipulated option can only be made within the contract itself. This is why he said, “Its commencement is from the contract.”
“If its period expires, or the two parties terminate it, it ceases. It is established in a sale, a settlement tantamount to a sale, a lease of an unspecified liability, or a lease for a period that does not immediately follow the contract …”
His statement, “If its period expires,” means: the period of the stipulated option.
His statement, “Or the two parties terminate it, it ceases”: “it ceases” is the response to the condition in both cases: the first, “if its period expires,” and the second, “if the two parties terminate it.” Yet it is not correct to say, “If its period expires, it ceases,” because the period has run its course and elapsed while remaining valid. It would have been better to say: “If its period expires, the sale becomes binding; and if the two parties terminate it, it ceases.” For there is no basis for it to become void after it has been completed. However, the author—may Allah have mercy on him—may be excused on the grounds that he intended brevity.
Likewise, if the two parties terminate it—that is, if during the option period they agree to cancel the option—this is valid, because the right belongs to them both. For example, one may say: “I bought this item from you, and I have the option for one month.” Then, during the month, they say: “We wish to cancel this condition, so that we may each have full freedom of disposal.” There is nothing wrong with this.
Another example: I sold this house to a man for one hundred thousand, with an option for one month. After half the month had passed, the buyer came to me and said: “We wish to terminate the option, so that I may dispose of the house as I wish, and you likewise may dispose of the price.” If the seller agrees, the option is cancelled and ceases. The reason is that the right belongs to them both; if they waive it, it is waived, and there is no impediment to waiving it. If one of them dies, the option passes to his heirs, because the item sold passes to his heirs together with its rights; thus, the option belongs to them.