Black-Scholes model: European claim. We place ourselves within the setup of the Black-Scholes market model M = (B, S) with a unique martingale measure Pe. Consider a European contingent claim Y with maturity T and the following payoff Y = ST max (ST , L) where L = e rT S0 and > 0 is a real number. We take for granted the Black-Scholes pricing formulae for the call and put options