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option

/ˈɒpʃən/

Dictionary

noun

One of a set of choices that can be made.
The freedom or right to choose.
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.

To purchase an option on something.
"The new novel was optioned by the film studio, but they'll probably never decide to make a movie from it."
To configure, by setting an option.

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