Explanation:

• Option A (Incorrect): A put option is a stand-alone derivative contract, not embedded within another financial instrument. It is a distinct derivative based on an underlying asset.

• Option B (Correct): A callable bond contains an embedded derivative, specifically the call option, which allows the issuer to redeem the bond before maturity. This feature is integrated into the bond's structure.

• Option C (Incorrect): A futures contract is also a stand-alone derivative, not embedded within an underlying asset. It is a distinct agreement to buy or sell an asset at a future date.