Chapter 02 · Section 2.1
Put option
A put option:
a) gives the option holder the right - not the obligation - to buy the underlying asset at a specified price.
b) gives the option writer the right - not the obligation - to buy the underlying asset at a specified price.
c) gives the option writer the obligation - not the right - to sell the underlying asset at a specified price.
d) gives the option holder the right - not the obligation - to sell the underlying asset at a specified price.
The holder has paid, that's why he gets a privilege. The writer has been paid to grant a privilege.