Question: (a) Is an option to buy property an executory contract? (b) If Southmark had given written notice of its intent to exercise the option, but

(a) Is an option to buy property an executory contract?
(b) If Southmark had given written notice of its intent to exercise the option, but had not yet paid the purchase price, before filing for bankruptcy, would the option have been an executory contract?
(c) Why was the option not automatically terminated when Southmark filed under Chapter 11?

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