Which of the following statements is false?

Options for question 42:

An option is a contract between two parties: the holder and the writer.

When an option holder applies the agreement and buys or sells a share at the agreed price, he exercises the option.

The price at which the holder buys or sells the share, when the option is exercised, is called the exercise price

European options allow their holder to exercise the option on any date up to (including) the expiration date.