definition of
option

[1] #1 option n. the right to buy or sell property at an agreed price; the right is purchased and if it is not exercised by a stated date the money is forfeited. wn

[2] #2 option n. [alternative, choice] one of a number of things from which only one can be chosen; "what option did I have?"; "there no other alternative"; "my only choice is to refuse". wn

[3] #3 option n. [choice, selection, pick] the act of choosing or selecting; "your choice of colors was unfortunate"; "you can take your pick". wn