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1

option

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noun op·tion \ˈäp-shən\

Simple Definition of option

  • : the opportunity or ability to choose something or to choose between two or more things

  • : something that can be chosen : a choice or possibility

  • : a right to buy or sell something for a specified price during a specified period of time

Source: Merriam-Webster's Learner's Dictionary

Full Definition of option

  1. 1 :  an act of choosing

  2. 2 a :  the power or right to choose :  freedom of choice b :  a privilege of demanding fulfillment of a contract on any day within a specified time c :  a contract conveying a right to buy or sell designated securities, commodities, or property interest at a specified price during a stipulated period; also :  the right conveyed by an option d :  a right of an insured person to choose the form in which payments due on a policy shall be made or applied

  3. 3 :  something that may be chosen: as a :  an alternative course of action <didn't have many options open> b :  an item that is offered in addition to or in place of standard equipment

  4. 4 :  an offensive football play in which a back may choose whether to pass or run with the ball —called also option play

Examples of option in a sentence

  1. You have the option of staying home or coming with us.

  2. He has the option to cancel the deal.

  3. We have a wide range of options available to us.

  4. Menu options at the café include soups, salads, and sandwiches.

  5. Select an option from the drop-down menu.

  6. Filing taxes online is an option for people with Internet access.

  7. I had no option but to start over.

  8. A good option is to do the work yourself.

  9. Employees will each be granted options to buy 1,000 shares of company stock.

  10. The option must be exercised within five years.



Origin and Etymology of option

French, from Latin option-, optio free choice; akin to Latin optare to choose


First Known Use: 1593

Synonym Discussion of option

choice, option, alternative, preference, selection, election mean the act or opportunity of choosing or the thing chosen. choice suggests the opportunity or privilege of choosing freely <freedom of choice>. option implies a power to choose that is specifically granted or guaranteed <the option of paying now or later>. alternative implies a need to choose one and reject another possibility <equally attractive alternatives>. preference suggests a choice guided by one's judgment or predilections <a preference for cool weather>. selection implies a range of choice <a varied selection of furniture>. election implies an end or purpose which requires exercise of judgment <doing a tax return forces certain elections on you>.

choice, exquisite, elegant, rare, delicate, dainty mean having qualities that appeal to a cultivated taste. choice stresses preeminence in quality or kind <choice fabric>. exquisite implies a perfection in workmanship or design that appeals only to very sensitive taste <an exquisite gold bracelet>. elegant applies to what is rich and luxurious but restrained by good taste <a sumptuous but elegant dining room>. rare suggests an uncommon excellence <rare beauty>. delicate implies exquisiteness, subtlety, and fragility <delicate craftsmanship>. dainty sometimes carries an additional suggestion of smallness and of appeal to the eye or palate <dainty sandwiches>.

2

option

verb op·tion

Definition of option

  1. transitive verb
  2. 1 :  to grant or take an option on

  3. 2 :  to acquire the exclusive right to use (an author's work) as the basis for a motion picture <the studio optioned the novel for a film>



1926

First Known Use of option

1926



OPTION Defined for Kids

option

play
noun op·tion \ˈäp-shən\

Definition of option for Students

  1. 1 :  the power or right to choose <Children have an option between milk or juice.>

  2. 2 :  something that can be chosen <Quitting is not an option.>

  3. 3 :  a right to buy or sell something at a specified price during a specified period <His parents took an option on the house.>




Law Dictionary

1

option

play
noun op·tion \ˈäp-shən\

Legal Definition of option

  1. 1 :  the power or right to choose; also :  a choice made or available

  2. 2 :  a privilege of demanding fulfillment of a contract on any day within a specified time

  3. 3 :  a contract conveying in exchange for the payment of a premium a right to buy or sell designated securities, commodities, or interests in property at a specified price during a stipulated period; also :  the right conveyed by such a contract <decided to exercise his option> call option :  an option to buy at a fixed price at or within a certain time — compare put option in this entry covered option :  an option in which the optionor owns the security or commodity to be conveyed under the option — compare naked option in this entry futures option :  an option on futures incentive stock option \in-ˈsen-tiv-\ :  a stock option granted by a corporation to its officers and employees as supplementary compensation that is subject to special tax treatment under the Internal Revenue Code index option :  an option on a stock index naked option :  an option in which the optionor does not own the security or commodity and will have to purchase it at market price if the optionee decides to exercise the option — compare covered option in this entry put option :  an option to sell for a fixed price at or within a specified time stock option :  an option giving the optionee the right to purchase a specified number of shares of stock from a corporation at a specified price at or within a specified time — see also incentive stock option in this entry

  4. 4 :  a right of an insured to choose the form in which various payments due him or her on a policy shall be made or applied dividend option :  an option allowing the owner of a participating insurance policy and especially a life insurance policy to determine how dividends are to be paid (as in cash or by being applied as payment for additional insurance) installments–for–a–fixed–amount option :  a settlement option in which the insurer retains the policy proceeds and makes periodic payments of a fixed amount until the proceeds are exhausted —called also fixed amount option installments–for–a–fixed–period option :  a settlement option in which the policy proceeds are retained by the insurer and paid in installments over a fixed period of time —called also fixed period option interest–only option :  a settlement option in which the insurer retains the policy proceeds and makes interest payments at a guaranteed minimum rate joint–and–last–survivorship option :  an option in which the insurer makes periodic payments to two or more persons (as a husband and wife) of the proceeds or usually cash value of a policy until the death of the last survivor life income option :  a settlement option in which the insurer retains the policy proceeds and makes periodic payments for the beneficiary's life or for a specified number of years even after the beneficiary's death with payments to a different recipient nonforfeiture option \ˌnän-ˈfȯr-fə-ˌchu̇r-\ :  an option (as to surrender the policy for its cash value or convert the policy to one with a smaller face amount or to a term policy with a shorter period) available to a policyholder who has ceased paying premiums settlement option :  an option to receive payments of the proceeds of a life insurance policy other than by lump sum




2

option

transitive verb op·tion

Legal Definition of option

  1. :  to grant or take an option on <started buying or optioning riverfront land — Rita Koselka>





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