24-4 Option Obligations Buyer Seller Call option Right to buy asset obligation to sell asset Put option Right to sell asset obligation to buy asset Irwin/McGraw-Hill CThe McGraw-Hill Companies, Inc, 2001©The McGraw-Hill Companies, Inc.,2001 24- 4 Irwin/McGraw-Hill Option Obligations Buyer Seller Call option Right to buy asset Obligation to sell asset Put option Right to sell asset Obligation to buy asset