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Noun: option  óp-shun
  1. One of a number of things from which only one can be chosen
    "what option did I have?";
    - alternative, choice
     
  2. 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
     
  3. The act of choosing or selecting
    - choice, selection, pick
Verb: option  óp-shun
  1. Buy an option to use something
    "The new novel was optioned by the film studio, but they'll probably never decide to make a movie from it"

Derived forms: optioned, optioning, options

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

Encyclopedia: Option, Right of