Supreme Court of Arkansas May 6, 1907 (Indiana & Arkansas Lumber & Manufacturing Co. v. Pharr)

Wood, J.,

(after stating the facts.) 1. The Supreme Court of Georgia in Black v. Maddox, 104 Ga. 157, defines an option as follows: “The obligation by which one binds himself to sell, and makes it discretionary with the other party to buy, which is simply a contract by which the owner of property agrees with another person that he shall have a right to buy the property at a fixed price within a