They give you the right to 100 shares at the strike price.
If the market price drops below your strike price, the value of your put increases because you can sell the stock at a price higher than the current market rate. Essential Lingo Options Trading for Beginners (The ULTIMATE In-Depth Guide) buying options for dummies
If the market price goes above your strike price, you can buy the stock at a "discount" or sell the contract for a profit. They give you the right to 100 shares at the strike price