option

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Concise Oxford English Dictionary © 2008 Oxford University Press:
option/ˈɒpʃn/
noun
  • 1 a thing that is or may be chosen.

    ■ the freedom or right to choose.

  • 2 a right to buy or sell a particular thing at a specified price within a set time.
verb buy or sell an option on.
– phrases
keep (or leave) one's options open not commit oneself.
– origin C16: from Fr., or from L. optio(n-), from the stem of optare ‘choose’.
'option' also found in these Oxford entries:

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