Civil Transactions Law

1. A contract may include an option to withdraw therefrom. The party holding such option may withdraw from the contract within the specified period, provided that he notifies the other party of such withdrawal. If the option to withdraw is invoked by the holder thereof, the contract shall be deemed terminated. If the option period is not specified, the court shall determine said period according to custom and the circumstances of the contract. 2. The option to withdraw from a contract shall be forfeited if the holder thereof, explicitly or implicitly, relinquishes such option, or upon the lapse of the option period. If the option is held by both contracting parties and the option of one of the parties is forfeited, the other party’s option shall remain in effect. Third: Breach of Obligation