Explain the difference between a long position in a put and a short position in a call.

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Part $1$

$($Choose the best answer$$ below.$)$

A$.$

When a party has a long position in a$$ put, it has the right to sell the underlying asset at the strike$$ price; when it has a short position in a$$ call, it has the right to buy the underlying asset at the strike price if exercised.

B$.$

When a party has a long position in a$$ put, it has the obligation to sell the underlying asset at the strike$$ price; when it has a short position in a$$ call, it has the obligation to buy the underlying asset at the strike price if exercised.

C$.$

When a party has a long position in a$$ put, it has the obligation to buy the underlying asset at the strike$$ price; when it has a short position in a$$ call, it has the right to sell the underlying asset at the strike price if exercised.

D$.$

When a party has a long position in a$$ put, it has the right to sell the underlying asset at the strike$$ price; when it has a short position in a$$ call, it has the obligation to sell the underlying asset at the strike price if exercised.