Crossword Dictionary

What's The Definition Of Option?

\Op"tion\, n. [L. optio; akin to optare to choose, wish, optimus best, and perh. to E. apt: cf. F. option.] 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.] --Bp. Hall. 4. (Ch. of Eng.) 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. 5. (Stock Exchange) A stipulated privilege, given to a party in a time contract, of demanding its fulfillment on any day within a specified limit. {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. Usage: {Option}, {Choice}. Choice is an act of choosing; option often means liberty to choose, and implies freedom from constraint in the act of choosing.