What is a buyer’s option in legal terms?

When a sale is subject to this warning the purchaser assumes the risk that the product might be either defective or unsuitable to his or her needs.This rule is not designed to shield sellers who engage in fruad or bad faith dealing by making false or misleading representations about the quality or condition of a particular product. It merely summarizes the concept that a purchaser must examine, judge, and test a product considered for purchase himself or herself.

The buyer's option is advantageous to the buyer, who can choose to buy a greater or smaller quantity of product at a fixed price, depending on market conditions within a specific period of time with certain flexible payment terms. Under buyer option buyer can even cancel the contract in any unlikely event which is limited to market conditions, without any further Arbitration. Buyers options can be applied for material purchase, properties or services etc. 

Buyer's option is a contract between the buyer & seller wherein the buyer has the right but not the obligation for the purchase a product where the price, specifications and time period are fixed. (The contracted buyer has the right over any other buyer within the specified time period.) The right to buy may or may not be exercised. The product may be property, shares, currency etc. The contract is generally advantageous to the buyer.  Legalities of a contract will apply.

The buyer's option is a settlement that calls for delivery and payment according to the number of days specified by the buyer. An agreement between a buyer and seller whereby a commodity purchase occurs at a specific price above a futures contract for an identical grade and quantity.