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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.