By Louis Pashman An option in a contract is considered to be a “time of the essence” provision. Thus, the parameters for exercise of the option must be strictly met. Because the property owner cannot unilaterally withdraw the offer contained in the option, courts will require the holder to adhere strictly to its terms. As is often the case, however, courts have carved out exceptions based on fairness or equitable principles. Every party to a contract is bound by an implied duty of good faith and fair dealing. A prime example of that involved a tenant who had an option…