Question: Ted is a project developer who has applied for a permit in order to build office space in a neighborhood that is zoned exclusively for

Ted is a project developer who has applied for a permit in order to build office space in a neighborhood that is zoned exclusively for residential housing.

(a) In order for Ted to successfully obtain the permit, what must Ted also obtain from the local zoning authorities so that he is able to build the office space?

(b) If Ted is never able to obtain the permit, how could use of an option contract help Ted minimize any financial loss incurred as a result of this failed project?

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