Definitions
1.nounOne of a set of choices that can be made.
2.nounThe freedom or right to choose.
3.nounA 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.
4.verbTo 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."
5.verbTo configure, by setting an option.