5. (Stock Exchange)
Defn: A stipulated privilege, given to a party in a time contract, of demanding its fulfillment on any day within a specified limit. 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.
Syn. — 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.
OPTIONAL
Op"tion*al, a.
Defn: Involving an option; depending on the exercise of an option; left to one's discretion or choice; not compulsory; as, optional studies; it is optional with you to go or stay. — n.
Defn: See Elective, n.
If to the former the movement was not optional, it was the same that
the latter chose when it was optional. Palfrey.
Original writs are either optional or peremptory. Blackstone.
OPTIONALLY
Op"tion*al*ly, adv.
Defn: In an optional manner.
OPTOCOELE; OPTOCOELIA
Op"to*coele, Op`to*coe"li*a, n. Etym: [NL. optocoelia, fr. Gr.
(Anat.)
Defn: The cavity of one of the optic lobes of the brain in many animals. B. G. Wilder.