Definitions of option
a choice you can make from a set of possibilities, or the freedom to make a choice
What other options are available?
the right to be able to demand payment of a contract on any day within a specified time
Payment is due in full upon exercise of our option.
the right to buy or sell something at a specified price within a specified time (also: option contract)
The airline has also taken out an option on a further 100 Embraer 190 planes.