The opportunity to buy unissued common stock at a specified price, over a long period of time, is provided to the holder of a:

• A. Right
• B. Due bill
• C. Warrant
• D. Listed option

Answer: (C)

A warrant is a long‑term instrument that gives the holder the right to buy newly issued common stock at a fixed price. Because it is attached to new issuances and typically has a many-year duration, it fits the idea of purchasing unissued stock at a specified price over an extended period. Rights, in contrast, are short‑term offers to existing shareholders to buy additional shares of stock that have already been issued, usually at a discount and within a few weeks. A due bill is just a method used to track entitlements during certain corporate actions, not a purchase right. Listed options are standardized contracts with shorter expirations and are not tied specifically to newly issued shares. So the best fit is a warrant.