The put option allows:

• A. the put seller to sell shares and requires the holder to buy shares at a fixed price.
• B. the holder to buy shares if desired and requires the put seller to sell the shares at a fixed price.
• C. the put seller to sell shares and allows the holder to sell shares at a fixed price.
• D. the holder to sell shares if desired and requires the put seller to buy the shares at a fixed price.