What does option mean?

Looking for the meaning or definition of the word option? Here's what it means.

Noun
  1. One of a set of choices that can be made. [from the 19th c.]
  2. The freedom or right to choose.
  3. (finance, law) 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. [from the mid-18th c.]
  4. (graphical user interface) A button on a screen used to select an action (often "menu option").
Verb
  1. To purchase an option on something. [from the 20th c]
  2. (computing) To configure, by setting an option.
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