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﴿ فَاسْأَلُوا أَهْلَ الذِّكْرِ إِن كُنتُمْ لَا تَعْلَمُونَ ﴾

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Explanation of the author's statement: "And if its duration has passed or they have terminated it, it is invalid, and it is established in sale and settlement in its meaning, and in lease in the debt or for a duration that does not follow the contract."

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The Shaykh :"And if its duration has passed" means the duration of the option, the option by condition. "Or they have terminated it, it is invalid" His statement "if its duration has passed, it is invalid" is because "it is invalid" is the answer to the condition for both issues, meaning the first issue is if its duration has completed, and the second is if they have terminated it. It is not correct to say that if its duration has passed, it is invalid, because the duration has completed and passed while it was valid. If he had said, "If its duration has passed, the sale is binding, and if they have terminated it, it is invalid," that would have been better, because there is no basis for its invalidity after its completion. However, one may excuse the author (may Allah have mercy on him) by saying that he intended brevity by that. Likewise, if they terminate it, meaning during the duration, they agree to cancel the condition, meaning cancel the option, then that is valid, because the right belongs to them. For example, if one says, "I bought this item from you, and I have the option for one month," and during the month they say, "We want to cancel this condition so that we can have full disposal," there is no harm. The example is clear: I sold this house to a man for one hundred thousand, with the option for one month. After half the month had passed, the buyer came to me and said, "We want to terminate the option so that I can dispose of it as I wish, and you can also dispose of the price." The seller agreed, so it becomes void and invalid. The reason for this is that the right belongs to them, so if they drop it, it is dropped, and there is no harm in dropping it.
He said, "And it is established in sale", and it has been mentioned previously that the option of the session is also established in sale. It is also established in settlement in its meaning. In settlement in its meaning, and the meaning of settlement in its meaning has also been mentioned previously, which is settlement on acknowledgment, such as if he acknowledges to him a specific item or a debt, then he settles with him for part of it or for another specific item or the like. This is settlement in the meaning of sale.
He said, "And in lease in the debt or for a duration that does not follow the contract". Lease in the debt is by leasing him to sew a garment, saying, "Sew this garment for me for ten riyals." This is a lease in the debt for work in the debt. He said, "Yes, but I have the option for two days." The condition is valid because there is no harm in it, since this is a lease for what? For work, and work is established in the debt. However, if it is for a duration, by saying, "I leased this house to you for one hundred riyals for a year from now," then regarding this duration, we say there is a detail: if it follows the contract, then the option by condition in it is not valid, and if...
Source alathar.net

The Arabic text is copied verbatim from the original source, without any edits.

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