Problem: The purchase of an American Style option contract is: A contract which does not require payment until expiration of the contract. A contract which enables the buyer to exercise the option after expiration. A contract which conveys to its holder the right, but not the obligation, to buy (for a call) or sell (for a put) the underlying product at a specified price on or before the expiration date. A contract which requires the holder to buy (for a call) or sell (for a put) the underlying product at a specified price if the seller exercises the option on or before expiration date.