OPTION

Definitions

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.] Bp. Hall.
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.
5. 5. 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.