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Vicky asks Walt, a cobbler, to repair a pair of boots. There is no discussion of a price, and Vicky and Walt do not sign any documents. After the repair, Walt hands Vicky a bill. With respect to Vicky's obligation to pay the bill, this is
Expiration Date
The date on which a derivative contract (like options or futures) becomes invalid and the right to exercise it ceases.
Indefinite Future
A time period in the future that has no defined ending or timeframe, often used in discussions about long-term possibilities or uncertainties.
Call Option
A financial contract that gives the holder the right, but not the obligation, to buy a specified amount of an underlying asset at a set price within a specified period.
Writer
In the context of options, the writer is the seller who grants the right to the buyer in exchange for a premium, assuming the risk that the asset may have to be delivered under the contract terms.
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