Final answer:
The grip described is the Continental grip, which helps reduce the risk of tennis elbow by preventing excessive wrist movement and is used for various shots in tennis. Hence, the first option is correct.
Step-by-step explanation:
The tennis grip where you place your racquet in a position vertical to the ground and grasp the handle as though shaking hands with the racquet is known as the Continental grip. This grip is versatile and is used for a variety of shots such as serves, volleys, and overheads.
The Continental grip can help prevent excessive wrist movement, reducing the risk of joint deterioration and damage to the tendons, such as "tennis elbow", which can result from repetitive motion and undue torques. Hitting the ball at the racquet's sweet spot reduces vibration and impact force, minimizing the chances of injury.