Option

Right of choice. Option contract: a contract of sale so called by which the property is not to be delivered, but the transaction is to be closed on a future day, by the payment by one party to the other of a sum equal to the increase or decrease in value, v. Buyer's option; Local option. In Erlglish ecclesiastical law. Option: a customary prerogative of an archbishop, upon consecration of a bishop, to name a clerk or chaplain to the next presentation of such dignity or benefice in the bishop's disposal as the archbishop shall choose.