- The ability or freedom to make a choice
- The authority to demand the execution of a contract anytime within a predetermined duration
- An agreement allowing, for a premium fee, the right to purchase or sell specified assets or property rights at a predetermined cost during a certain timeframe
- The privilege given to an insurance policyholder to select the method in which different payments due to him or her on the policy are settled or utilized
- The act of agreeing to or providing a choice on something
- The loan agreement gave the borrower an option to convert the loan to an equity investment at any time within the first five years.
- In their insurance policy, they had an option to receive the benefit as a lump sum payout or as monthly installments.
- The investor used the option to buy 100 shares of the company's stock at the current price, valid for the next six months.