In an option contract, the writer of the option grants the buyer of the option the ________, but not the ________, to purchase from or sell to the writer something at a specified price within a specified period of time (or at a specified date).

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In an option contract, the writer (seller) of the option grants the buyer the right, but not the obligation, to purchase from or sell to the writer something at a specified price within a specified period of time (or at a specified date). This means the buyer can choose to exercise the option but is not required to do so.

In an Option Contract, the Writer of the Option Grants