When you pay for an option, this prevents a person from revoking his offer before the expiration of the specified time.

Name: When you pay for an option, this prevents a person from revoking his offer before the expiration of the specified time.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Paying for an option gives the buyer the right, but not the obligation, to complete the transaction (such as buying or selling an asset) at a set price before the option expires, preventing the seller from revoking the offer during this period.

When You Pay for an Option, This Prevents a Person