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noun Option n. 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." 2.The exercise of the power of choice; choice. "Transplantation must proceed from the option of the people, else it sounds like an exile." 3.A wishing; a wish. (Obs.) 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; also, the contract giving that privelege; as, an option to buy a stock at a given price; to exercise an option. Note: A person owning a stock may sell to another person an option or right to buy that stock at some specified price within a specified period of time, and in return will get a premium in consideration for giving the option. If the option price (the strike price) is above the market value for the entire period in which the option is valid, the option is typically not exercised, and expires with no need on the part of the stock owner to transfer the actual stock itself. If however the stock price rises above the option price, the holder of the option may exercise the option, and buy the stock at the specificed price, and may in turn resell the stock at the current market value, perhaps making a net profit on the transaction. The original holder of the stock will receive, in addition to the price at which the stock is sold, the price of the option, and will generally receive more money than if the stock itself were sold at the time that the option was sold. The actual profits for the transaction will depend on the fees that brokers charge for conducting the sales of options and stocks. 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. Synonyms: Choice; preference; selection. Option, Choice. Choice is an act of choosing; option often means liberty to choose, and implies freedom from constraint in the act of choosing.
adjective Local adj. Of or pertaining to a particular place, or to a definite region or portion of space; restricted to one place or region; as, a local custom. "Gives to airy nothing A local habitation and a name." Local actions (Law), actions such as must be brought in a particular county, where the cause arises; distinguished from transitory actions. Local affection (Med.), a disease or ailment confined to a particular part or organ, and not directly affecting the system. Local attraction (Magnetism), an attraction near a compass, causing its needle to deviate from its proper direction, especially on shipboard. Local battery (Teleg.), the battery which actuates the recording instruments of a telegraphic station, as distinguished from the battery furnishing a current for the line. Local circuit (Teleg.), the circuit of the local battery. Local color. (a)(Paint.) The color which belongs to an object, and is not caused by accidental influences, as of reflection, shadow, etc. (b)(Literature) Peculiarities of the place and its inhabitants where the scene of an action or story is laid. Local option, the right or obligation of determining by popular vote within certain districts, as in each county, city, or town, whether the sale of alcoholic beverages within the district shall be allowed.
Collaborative International Dictionary of English 0.48
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