Options contracts on stocks may
◦ grant the owner the right to buy the stock at a specified price over a specified period of time.
◦ grant the owner the right to sell the stock at a specified price over a specified period of time.
◦ depending on the type of contract, grant the owner the right to either buy or sell the stock at a specified price over a specified period of time.
◦ legally oblige the owner to buy the stock at a specified price over a specified period of time.