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op·tion  (pshn)
1. The act of choosing; choice. See Synonyms at choice.
2. The power or freedom to choose.
a. The exclusive right, usually obtained for a fee, to buy or sell something within a specified time at a set price.
b. The privilege of demanding fulfillment of a contract at a specified time.
c. A stock option.
d. The right of the holder of an insurance policy to specify the manner in which payments are to be made or credited to the policyholder.
e. Baseball The right of a major-league team to transfer a player to a minor-league team while being able to recall the player within a specified period.
4. Something chosen or available as a choice.
5. An item or feature that may be chosen to replace or enhance standard equipment, as in a car.
6. Football An offensive play in which a back, usually the quarterback, has the choice of running with the ball or throwing a forward pass.
tr.v. op·tioned, op·tion·ing, op·tions
1. To acquire or grant an option on: had optioned for a film several short stories about two policemen (Barbara Goldsmith).
2. Baseball To transfer (a major-league player) to a minor-league club on option.

[Latin opti, optin-.]

option  /pn/  n. 1 [C;U] a choice, (syn.) an alternative: She has two options: she can stay here or leave. 2 [C] a right to buy s.t. at a stated price: He has a 90-day option to buy that house for $170,000.
v. [T] to offer or get an option to buy s.t.: He optioned his cottage to a potential buyer for a month. option

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