ETYM Latin optio; akin to optare to choose, wish, optimus best, and perh. to Eng. apt: cf. French option.
1. An alternative action; SYN. alternative, choice.
2. 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.
In business, a contract giving the owner the right (as opposed to the obligation, as with futures contracts; see futures trading) to buy or sell a specific quantity of a particular commodity or currency at a future date and at an agreed price, in return for a premium. The buyer or seller can decide not to exercise the option if it would prove disadvantageous.

1. To grant or take an option on
2. To acquire the exclusive right to use (an author's work) as the basis for a motion picture