Option Tech: A term used to express an option
within a certain period after the conclusion of a bargain during
which either of the parties may cancel it. Its main types are:
khiyar al-shart, optional condition, where one of the parties
stipulates for a period of three days or less; khiyar al-aib,
option from defect, the option of dissolving the contract on
discovery of defect; khiyar ai-TU yah, option of inspection,
option of rejecting the thing purchased after sight; khiyar
al-tayin, option of determination, where a person having
purchased two or three things of the same kind, stipulates a
period to make his selection; khiyar al-majlis, the condition of
withdrawing from the contract as long as the meetings of the
parties continue; khiyar al-naqd, where the seller has the
option to cancel the contract if the buyer does not pay in cash
up to a certain agreed date; khiyar al-ghubn, the option of the
buyer to cancel the contract if the seller has sold it at a
price higher than what evaluators evaluate, khiyar kashj ai-hat,
the buyer's option to cancel the contract on knowing the
specifications of the product where a product is sold without
specifications; khiyar al-qabul, the option to accept or reject
a proposal, in a contract of sale, before the proposal is
accepted, the option is surrendered by giving acceptance to the
proposal; khiyar altaghrir, option to rescind the contract if
the seller perpetrates a fraud causing loss to the buyer.
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