option in WordNet English dictionary

1. one of a number of things from which only one can be chosen
   "what option did I have?"; "there no other alternative"; "my only choice is to refuse"
   option  alternative  choice 
   
2. the act of choosing or selecting
   "your choice of colors was unfortunate"; "you can take your pick"
   choice  selection  option  pick 
   
3. 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