Definition 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.