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1. The right to buy or sell property at an agreed price; the right is purchased and if it is not exercised by a stated date the money is forfeited
    
2. One of a number of things from which only one can be chosen
   "what option did I have?"
   - alternative, choice
    
3. The act of choosing or selecting
   - choice, selection, pick

Derived forms: options

See also: opt, optative

Type of: action, deciding, decision making, derivative, derivative instrument

Encyclopedia: Option