Option

Right of choice, selection or election, A covenant in a lease giving the option to purchase is in the nature of a continuing offer to sell.'' The option to avoid or accept a sale by a trustee is to be exercised within a reasonable time.^ Buyer's option. A right on the part of a purchaser to take' and pay for the purchase at any time within a given period.^ Iiocal option. Refers to a law which enables voters to decide whether licenses to sell intoxicating liquors within their particular district or locality shall or shall not be granted. The weight of authority favora the constitutionality of local option laws. A legislature cannot delegate its power to make a law, but it can make a law to delegate power to determine some fact or the state of things upon which the law makes, or intends to make, its own action depend. There are many things, upon which wise and useful legislation must depend, which cannot be known to the law-making power, and must, therefoi'e, be a subject of inquiry and determination outside of the halls of legislation.'

Compare Prohibition, 2.

Option contract

An agreement between the so-called " buyer " and " seller " of a commodity (or a security for money) that they will adjust the account between them at a future day by one paying the other the difference in the market value of the article on that day as compared with the value on the day of "sale." A contract for the sale of property to be delivered at a future time at the option of the purchaser, there being no understanding by both parties that the property is to be delivered, but rather that the obligation is to be satisfied by the payment of differences, is void." The question of the legality of sales by option de- ^ United States v. Deaver, ante. 2 Willard v. Tayloe, 8 Wall. 564 (1869), cases. ' Twin-Lick Oil Co. v. Marbury, 91 U. S. 591 (1875). * [Pickering v. Demerritt, 100 Mass. 421 (1868), Foster, Judge. "Locke's Appeal, 72 Pa. 498, 494-508 (1873), cases; Halley v. State, 14 Tex. Ap. 510-12 (1883); Menken v. Atlanta, Sup. Ct. Ga. (1887); State v. Pond, Sup. Ct. Mo. (1888); 12 Am. Law Reg. 129^3 (1873), cases; 12 Cent. Law J. 123-27 (1881), cases; 36 Ark. 69; 42 Conn. 364; 4 Harr., Del., 479; 42 Ind. 547; 33 Iowa, 134; 14 Bush, 671; 42 Md. 71; 108 Mass. 27; 109 id. 199; 62 Mo. 168; 36 N. J. L. 720; Cooley, Const. Lim. 125. pends in part on local legislation, in part on judicial precedent, and in part on the special tendency ot the adjudicating court with respect to political economy.' See further Futures; Put, 3; Wagek, S. OR. 1. The ending -or, in assignor, consignor, covenantor, devisor, donor, grantor, obligor, payor, vendor, vrarrantor, and like words, designates the actor or doer; while -ee, designates the recipient — the person toward whom the action is directed, for whom the thing is done, as in assignee, consignee, devisee, etc. Originally, a Latin suffix. The corresponding active form of apx)e Uee, appointee, distributee, drawee, patentee, transferee, is, for the most part, the English suffix -er; as, drawer, transferrer, etc.'

2.

The disjunctive particle "or" will be read "and" when such change will give effect to the evident intention of law makers, testators, or contracting parties.^ It cannot be construed " and " in a penal statute -when the effect is to aggravate the offense.* "Or" may be used in the sense of "to wit," explaining what precedes. In this sense an indictment may adopt the words of the statute; as, "a bank-bill or promissory note," a horse of "a bay or brown ^jolor." But "spirituous or intoxicating liquor " may be bad for uncertainty.' An indictment for betting on a game of " hazard or skill " is unobjectionable.* Under a statute against permitting gaming in a "*' dram-shop," an indictment for gaming in a " dramshop or grocery " is not bad for the surplusage.'

See And.