Final answer:
In an option contract, the seller makes a promise, which can include warranties and service contracts, with the latter being a paid agreement by the buyer to have issues fixed for a set time.
Step-by-step explanation:
In an option contract, it is the seller who makes a promise to the buyer. The seller may offer guarantees such as a warranty, which is an assurance to repair or replace the purchased good for at least a specified time frame. Additionally, sellers might give the buyer the opportunity to purchase a service contract, whereby the buyer pays an additional fee, and in return, the seller agrees to address any issues that arise for a predetermined period. Service contracts are particularly common with significant acquisitions, like automobiles, home appliances, and real estate.