Chapter on the Right of Option
Its kinds are seven:
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The session option (khiyār al-majlis). It is granted to both contracting parties from the moment the contract is concluded until they part from one another voluntarily, unless they agreed beforehand that no option would exist or they jointly waive it after contracting. Should only one of them revoke his option, the other’s option remains.1 The option lapses upon the death of either party, but not upon his insanity; if he regains sanity, his option is still in force. It is unlawful for either party to leave the session merely to pre-empt a request to annul the sale.
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The stipulated option (khiyār al-sharṭ). This arises when both parties—or either one of them—stipulate a right of rescission for a specified period. The stipulation is valid even if the period is lengthy,2 but during that period it is forbidden for either party to dispose of the price or the object of sale.3 Ownership nevertheless transfers from the moment of contracting, and any detached increase that appears during that period belongs to the transferee,4 even if the option was stipulated solely for the other party. The rescission of the one entitled to it does not depend on the presence or consent of the counterpart,5 and if the period passes without rescission, the contract becomes binding.