When you buy an Option, you own it. When you own an option, and anytime before its expiration date, you have the right to buy (call) or sell (put) the underlying asset at the strike price. Doing so is called exercising the option. You may also choose to resell your contract again for a premium. By selling your previously owned Option, you no longer have the right to exercise the contract. In short, as a contract buyer, you have rights.