Cap. 16 Art. 1082Where party entitled to option fails to exercise it.

(1) Where the party entitled to the option fails to exercise such option within the time expressly agreed upon for the purpose, the right of option shall vest in the other party.

(2) Where no such time has been agreed upon, it shall be competent to the court to fix a time, and if the party having the option shall fail to exercise it within such time, the right of option shall vest in the other party.