option

1. (finance, law) A contract giving the holder the right to buy or sell an asset at a set strike price; can apply to financial market transactions, or to ordinary transactions for tangible assets such as a residence or automobile.Examples: "There's a book out on us and there's gonna be a movie based on the book. ABC has bought the option for a movie to be made specially for T.V."

2. (law, uncountable) The acquiring or retention of a nationality through personal choice as a right, bypassing selective legal mechanisms for naturalization, especially in cases where a territory is transferred or passed on from one state to another.Examples: "At that time every emigrant who was made aware of such a notification submitted his application for option to the British Consuls within the period prescribed."; "A right of option, mostly in favour of the nationality of the predecessor State, has been accorded in most cases of partial State succession, either by treaty or by domestic legislation."; "This group constitutes around 9 percent of the total number of acquisitions of Dutch nationality through option."uncountable