A Fundamental Definition of Option Is "The Right, but Not

Multiple Choice

A fundamental definition of option is "the right, but not the ________, to buy (call option) or sell (put option) an investment holding at a predetermined price (called the exercise price or strike price) at some particular date in the future." [Latimore, D. (2002) p. 2]

A) access
B) authority
C) obligation
D) strategy