01 n. The power of choosing; the right of choice or election; an alternative.
-
1.
The power of choosing; the right of choice or election; an alternative.“There is an option left to the United States of America, whether they will be respectable and prosperous, or contemptible and miserable, as a nation.” — Washington.
-
2.
The exercise of the power of choice; choice.“Transplantation must proceed from the option of the people, else it sounds like an exile.” — Bacon.
-
3.
A wishing; a wish.[Obs.]
-
4.
A right formerly belonging to an archbishop to select any one dignity or benefice in the gift of a suffragan bishop consecrated or confirmed by him, for bestowal by himself when next vacant; -- annulled by Parliament in 1845.(Ch. of Eng.)
-
5.
A stipulated privilege, given to a party in a time contract, of demanding its fulfillment on any day within a specified limit; also, the contract giving that privelege; as, an option to buy a stock at a given price; to exercise an option.(Stock Exchange)
Phrases & compounds
Buyer's option —
an option allowed to one who contracts to buy stocks at a certain future date and at a certain price, to demand the delivery of the stock (giving one day's notice) at any previous time at the market price.
Seller's option —
an option allowed to one who contracts to deliver stock art a certain price on a certain future date, to deliver it (giving one day's notice) at any previous time at the market price. Such options are privileges for which a consideration is paid.
Local option —
See under Local.
Syn.
Choice; preference; selection.