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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 ?
Parties should put aside ideological fixations and debate what's best for India's sovereignty, peace in Jammu and Kashmir, jobs for Kashmiri youth and justice for Kashmiri Pandits" Deora tweeted.
They can then represent each week with a box, and put a tick once their pocket money has been put aside.
There is an important difference between asking a prospective juror to put aside his or her preconceived notions about the case to be tried, which is "entirely appropriate (and indeed necessary)," Budd wrote, and asking him or her to put aside opinions formed based on his or her life experiences or belief system, which is not.
"If you have committed yourself to a project then I guess you have to put aside all apprehensions and challenges and do what has been asked," added the 76-year-old.
Simon McCulloch, director of insurance at comparethemarket.com, says: "It's a good idea to put aside what you can before your baby is born and before the cost of childcare, nappies and baby clothes start to kick in."
Li Wei, an expert at the China Institutes of Contemporary International Relations, said that India and Pakistan will be encouraged to put aside disputes and conflicts, and to develop a relationship that focuses on shared benefits.
Save your pennies: Put aside any spare change or bills you have laying around over the next two months.
him, the protesters have put aside the national interest for their personal benefits, warning of nation about negative politics.
Looking across Britain, parents in Scotland were found to be the most likely to put aside savings for their kids, with three-quarters (75 per cent) doing so - compared with 53 per cent in the South West of England, 56 per cent in the East Midlands and 61 per cent in London.
Living by the words emblazoned on our Statue of Liberty means finding the strength to put aside our fear and welcome Syrian refugees to Austin, writes Mayor Steve Adler.
Let's put aside what divides us and put aside our self-interest in favor of working together for the common well-being of humanity,' Ban told the opening of the summit in Addis Ababa, the Saudi Press Agency (SPA) reported.