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An option—a right that operates as a continuing proposal—given in exchange for consideration—something of value—permitting its holder to sell a particular stock or commodity at a fixed price for a stated quantity and within a limited time period.

A put is purchased for a fee paid to the person who agrees to accept the stock or goods if they are offered. The purchaser of this right to sell expects the price of the stock or commodity to decrease so that he can deliver the stock or commodity at a profit. If the price rises, the option need not be exercised. The reverse transaction is a call.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

TO PUT, pleading. To select, to demand; as, the said C D puts himself upon the country; that is, he selects the trial by jury, as the mode of settling the matter in dispute, and does not rely upon an issue in law. Gould, Pl. c. 6. part 1, Sec. 19.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
He travelled to the furlong-marker as though he was going to win but on the loose ground he didn't know where to put his feet.
She was so terrified she didn't Know where to put herself.
She said: "I had the attitude and the body but I was blonde so they didn't know where to put me.
I didn't know where to put my hands, they were both starkers.
"It was a funny occasion and he had a big rant about Margaret Thatcher, I didn't know where to put my face.
So why has John Milton gone down in history as a miserable so-and-so who didn't know where to put a full stop?
For the longest, I really didn't know where to put Mitch on this list.
Looked a tasty dish at the start, but suffered when the heat was turned up and didn't know where to put his hands by the end.

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