What time must the written notice to terminate be delivered to the seller on the last day of the option period?

The correct choice is based on standard practices followed in many contractual agreements, particularly in real estate transactions where option periods are common. Generally, a time specified for delivering a termination notice is set to provide clarity and confidence to both parties involved.

In most situations, especially in real estate, the business day typically concludes at 5:00 PM. This timing allows for formal communication within regular business hours, ensuring that the seller receives the termination notice during a time when they are likely to be accessible and able to respond to it. If a notice were delivered later in the evening or the next day, it could lead to confusion or disputes regarding whether the notice was delivered within the option period. Therefore, specifying 5:00 PM as the deadline creates a clear boundary for both the buyer and the seller concerning the option to terminate.

Other times such as noon, 8:00 AM, or sundown do not align with standard business practices that typically designate 5:00 PM as the end of a working day, thus reinforcing why this particular time is preferred for notice delivery.