Chapter: The Sale with an Option

The two contracting parties may lawfully stipulate a right of withdrawal (khiyār) in every commodity they trade, with the sole exception of currency exchange (ṣarf) and the sale of food for food in any of its forms—condiments, staple provisions, or fruit—as has already been detailed earlier in this work.

Anyone who does not expressly set down this option when concluding the bargain has no subsequent claim to it.

In Mālik’s view, the session-option (khiyār al-majlis) is invalid, so the sale becomes binding as soon as the verbal declaration is exchanged. He also permits an option period longer than three days for whomever stipulates it; and if the parties differ over its length, a definite period customarily allotted to such merchandise is imposed. According to him, the khiyār is not confined to any fixed maximum.