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.