We report measurements of the cross section and a complete set of polarization transfer observables for the ${}^{16}{rm O}(vec{p},vec{n}){}^{16}{rm F}$ reaction at a bombarding energy of $T_p$ = 296 MeV and a reaction angle of $theta_{rm lab}$ = $0^{circ}$. The data are compared with distorted-wave impulse approximation calculations employing the large configuration-space shell-model (SM) wave functions. The well-known Gamow-Teller and spin-dipole (SD) states at excitation energies of $E_x$ $lesssim$ 8 MeV have been reasonably reproduced by the calculations except for the spin--parity $J^{pi}$ = $2^-$ state at $E_x$ = 5.86 MeV. The SD resonance at $E_x$ $simeq$ 9.5 MeV appears to have more $J^{pi}$ = $2^-$ strength than $J^{pi}$ = $1^-$ strength, consistent with the calculations. The data show significant strength in the spin-longitudinal polarized cross section $ID_L(0^{circ})$ at $E_x$ $simeq$ 15 MeV, which indicates existence of the $J^{pi}$ = $0^-$ SD resonance as predicted in the SM calculations.