Circle the statement below that is correct: $(2$ Points$)$

a$.$ The Law of One Price allows two securities with identical future payouts to have different current prices as long as investors are aware of the difference.

b$.$ A call writer pays the option premium at the time the call is sold. By doing so$,$ they agree to sell the stock to the call buyer at whatever the market price is at expiration.

c$.$ The most the buyer of a put option can lose is the premium paid to purchase the option.

d$.$ The maximum potential profit from buying a put option occurs if the underlying asset rises significantly in value prior to expiration.

e$.$ Implied volatility is backward$-$looking and tends to reflect the market's past observations of how volatile the option's price was.