Article 73 of Civil Code

1 - If a person promises to conclude a specified contract, that contract shall be formed if the person in whose favor the promise was made consents to it and his consent comes to the promisor's knowledge within the period specified for the promise to remain in force. 2 - The promisor's death or loss of capacity shall not prevent formation of the promised contract if consent to it is given in the manner prescribed by the first paragraph. - If the promisee dies, the option to accept the promised contract shall pass to his successors, unless the promisee's identity was a material consideration in the promise. Contracting with Earnest Money