The buyer of put option:

a. Has the right to buy the underlying asset at certain price (strike) within a specific period of time (expiration date)

b. Has the right to sell the underlying asset at certain price (strike) within a specific period of time (expiration date)

c. Is obligated to buy the underlying asset at certain price (strike) within a specific period of time (expiration date)

d. Is obligated to sell the underlying asset at certain price (strike) within a specific period of time (expiration date)

e. All of the above