(Choose 1 answer)
Which of the following accurately describes an option contract?
A. It allows the holder to buy or sell an asset at a specified price in the future, similar to a futures contract
B. It obligates the holder to buy or sell an asset at a specified price in the future, similar to a forward contract
C. It represents a fixed agreement to buy or sell an asset at the current market price, similar to a spot contract
D. It gives the holder the right, but not the obligation, to buy or sell an asset at a specified price in the future
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