A 90-day option to purchase a ranch is granted to a buyer. The owner becomes incapacitated; a guardian is appointed. On the 90th day, the optionholder mails an exercise notice, which the guardian receives the next day. The guardian refuses to sell. If the optionholder sues to compel sale, what is the likely reason the court rules for the guardian?

• A. The option holder failed to record the option.
• B. The option terminated when the owner became incapacitated.
• C. The option was revoked by a counteroffer.
• D. The mailbox rule does not apply to the exercise of an option and the guardian learned after expiration.

Answer: (D)