\Op"tion\, n. [L. optio; akin to optare to choose, wish,
optimus best, and perh. to E. apt: cf. F. option.]
1. The power of choosing; the right of choice or election; an
   alternative.
         There is an option left to the United States of
         America, whether they will be respectable and
         prosperous, or contemptible and miserable, as a
         nation.                               --Washington.
2. The exercise of the power of choice; choice.
         Transplantation must proceed from the option of the
         people, else it sounds like an exile. --Bacon.
3. A wishing; a wish. [Obs.] --Bp. Hall.
4. (Ch. of Eng.) 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.
5. (Stock Exchange) A stipulated privilege, given to a party
   in a time contract, of demanding its fulfillment on any
   day within a specified limit.
{Buyer's option}, an option allowed to one who contracts to
   buy stocks at a certain future date and at a certain
   price, to demand the delivery of the stock (giving one
   day's notice) at any previous time at the market price.
{Seller's option}, an option allowed to one who contracts to
   deliver stock art a certain price on a certain future
   date, to deliver it (giving one day's notice) at any
   previous time at the market price. Such options are
   privileges for which a consideration is paid.
{Local option}. See under {Local}.
Syn: Choice; preference; selection.
Usage: {Option}, {Choice}. Choice is an act of choosing;
       option often means liberty to choose, and implies
       freedom from constraint in the act of choosing.