Meaning Of Option

n.

The power of choosing; the right of choice or election; an alternative.

n.

The exercise of the power of choice; choice.

n.

A wishing; a wish.

n.

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.

n.

A stipulated privilege, given to a party in a time contract, of demanding its fulfillment on any day within a specified limit.