An option is a contract that always O gives the owner the right, but not the obligation, to buy shares of a stock at a specified price within the time limits of the contract. O gives the owner the right, but not the obligation, to sell shares of a stock at a specified price within the time limits of the contract. O states that the seller agrees to provide a particular good to the buyer on a specified future date at an agreed-upon price. O gives the owner the right, but not the obligation, to buy or sell shares of a stock at a specified price within the time limits of the contract