A ________ gives its holder the right to sell an asset for a specified exercise price on or before a specified expiration date.

A) call option
B) futures contract
C) put option
D) interest rate swap

Put Option

An economic arrangement allowing the holder the option, without being compelled, to sell a designated quantity of an underlying asset at an agreed-upon price within a defined period.

Exercise Price

The price at which the holder of an options contract may buy (in the case of a call) or sell (in the case of a put) the relevant security or commodity.

Expiration Date

In finance, the date at which a derivative contract such as an option or futures agreement ceases to exist.