Which of the following statements are true? There are several, select all that are correct. Consider each statement on its own separate from the others listed.

Question $3$ options:

An American option can only be exercised on its expiration date

An option is a contract that gives the seller the right to buy $($or sell$)$ an asset at some predetermined price within a specified period of time

An option's value is determined by its exercise value, which is the market price of the stock less its striking price. Thus, an option can't sell for more than its exercise value.

An American option's price always will be greater than $($or equal to$)$ its exercise value.

When the current stock price is below the the strike price, an option is said to be out$-$the$-$ money.

The strike price of an option is sometimes called the exercise price