taken an option on
Definition of taken an option on
: to obtain the right to buy (something) at a particular price The company has taken an option on some land nearby.
Word by Word Definitions
: past participle oftake
: an act of choosing
: the power or right to choose : freedom of choice
: a privilege of demanding fulfillment of a contract on any day within a specified time
: to grant or take an option on
: to acquire the exclusive right to use (an author's work) as the basis for a motion picture
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