Final answer:
An option contract with fulfilled terms and paid consideration is an executed option, which indicates that both parties have fully performed their duties under the contract.
Step-by-step explanation:
The question deals with the nature of an option contract after its terms have been fulfilled, and consideration has been paid. The answer to what best characterizes an option contract in which the terms were performed and valuable consideration was paid is c) Executed option.
This term signifies that the contract has been fully performed by both parties. In contrast, a call option gives the holder the right but not the obligation to buy an asset at a set price within a specific time frame, while a put option gives the holder the right but not the obligation to sell an asset at a predetermined price within a specific time frame.
A void option is a contract that lacks legal enforceability. Therefore, once an option contract's terms have been fulfilled satisfactorily and the consideration is paid, the contract is considered executed.