D defs.my
Entry 5 senses Webster, 1913

Option

/äp'-shən/ · Op·tion · IPA /ˈɑpʃən/
01 n. The power of choosing; the right of choice or election; an alternative.
  1. 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. 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. 3.
    A wishing; a wish.[Obs.]
  4. 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. 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.
-- Option, Choice. Choice is an act of choosing; option often means liberty to choose, and implies freedom from constraint in the act of choosing.