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option

op·tion [ ópshən ]


noun  (plural op·tions)
Definition:
 
1. choice: a choice that is or can be taken, especially a course of action that remains open for somebody to choose
Several options were ruled out right away.

2. freedom of choice: the right, power, or freedom to make a choice
I'd no option but to refuse.

3. business opportunity available for limited time: an opportunity, usually a commercial opportunity, that has been made available for a limited period only

4. commerce optional extra: an additional item or attachment, not part of the standard package, that can be purchased separately, e.g. when buying a car

5. finance right to buy or sell: the right to buy or sell something, especially a stock-market commodity, at a fixed price during a limited time period

6. football play: a play in football where the quarterback starts running parallel to the line of scrimmage and either keeps the ball or laterals it to another back running in the same direction

7. politics 
Same as  local option




transitive verb  (past and past participle op·tioned, present participle op·tion·ing, 3rd person present singular op·tions)
Definition:
 
commerce have or give right to something: to give or acquire an exclusive right to something

[Mid-16th century. Via French< Latin option-< optare "choose, desire"]

keep or leave your options open to put off making a decision or selection until a later time

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