Option

Definition - Noun
1  : the power or right to choose
also
: a choice made or available
2  : a privilege of demanding fulfillment of a contract on any day within a specified time
3  : a contract conveying in exchange for the payment of a premium a right to buy or sell designated securities, commodities, or interests in property at a specified price during a stipulated period
also
: the right conveyed by such a contract <decided to exercise his ~>
Pronunciation'äp-sh&n

Definition - Transitive Verb
: to grant or take an option on <started buying or ~ing riverfront land ­Rita Koselka>

Pronunciation Key

  • \&\ as a and u in a b ut
  • \[^&]\ as e in kitt en
  • \&r\ as ur and er in f urther
  • \a\ as a inash
  • \A\ as a in ace
  • \Š\ as o in m op
  • \au\ as ou in ou t
  • \ch\ as ch in ch in
  • \e\ as e in bet
  • \E\ as ea in easy
  • \g\ as g in go
  • \i\ as i in hit
    		•
  • \I\ as i in ice
  • \j\ as j in job
  • \[ng]\ as ng in sing
  • \O\ as o in go
  • \o\ as aw in law
  • \oi\ as oy in boy
  • \th\ as th in thin
  • \[th_]\ as thin the
  • \Ÿ\ as oo in loot
  • \u\ as oo in foot
  • \y\ as y in yet
  • \zh\ as si in vision
    		•


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    Based on Merriam-Webster's Dictionary of Law ©2001.
    Merriam-Webster, Incorporated
    Published under license with Merriam-Webster, Incorporated.
    http://www.m-w.com    		 Merriam-Webster

    substituted contract

    a contract between parties to a prior contract that takes the place of and discharges the obligations under the prior contract


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