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option (n.)

c. 1600, "action of choosing;" 1630s, "power or liberty of choosing," from French option (Old French opcion), from Latin optionem (nominative optio) "choice, free choice, liberty to choose," from optare "to desire, pray for, choose," which is of uncertain origin. De Vaan derives it from Proto-Italic *opeje- "to choose, grab," from PIE *hopeie- "to choose, grab," and compares Hittite epp/app- "to take, grab," Sanskrit apa, Avestan apa "has reached."

The meaning "thing that may be chosen" is attested from 1885. The commercial transaction sense of "privilege secured by payment of a premium (on a stock or a certain produce at a specified time and at a specified price)" is recorded from 1755 (the verb in this sense is attested by 1880 in American English). As a North American football play in which the back may either pass the ball or run with it, it is recorded by 1953.

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Definitions of option from WordNet

option (n.)
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;
option (n.)
one of a number of things from which only one can be chosen;
what option did I have?
Synonyms: alternative / choice
option (n.)
the act of choosing or selecting;
Synonyms: choice / selection / pick
From wordnet.princeton.edu