Definition - option

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option
  1. 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
  2. the act of choosing or selecting; "your choice of colors was unfortunate"; "you can take your pick"
  3. one of a number of things from which only one can be chosen; "what option did I have?"; "there no other alternative"; "my only choice is to refuse"