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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 ?
The Dragons were due to travel to Solihull Moors on Saturday, September 7 for a National League encounter, however that has now been put back to the following month.
Less than a fortnight before the PS150 million fleet of new trains was supposed to be introduced, Transport Secretary Michael Matheson yesterday admitted the start date had been put back by five weeks.
PLANS to cut taxes on air travel have been put back until April next year.
Only 37 responses were received, of which 17 stated the speed humps should not be put back, 18 said they should be put back and two did not state a preference.
THE Allianz Hurling League final is set to be put back by a week after weather wreaked havoc with fixtures yesterday.
Paul Farrell, of no fixed abode, is awaiting sentence after admitting two charges of trying to meet an under-age girl for sex, but his case was put back until next month by a judge at Bradford Crown Court.
THE announcement that a small area of Mid Wales is to be returned to a more natural state (rewilding, readdress, put back what has been lost).
Surely, if the course have enough staff on hand, the rail can be put back in place once the horses go out into the country for the final time.
"The fight got put back and put back so I just want to enjoy a bit of down time with my family and just be normal and then look to the future.
These are practically the reasons that compel us to call on the government, particularly the DTI, to put back flat glass in the mandatory standard list.
"If you have one fertilized embryo put back, in some cases that can split into two identical monochorionic, monozygotic twins, which is why you have one embryo put back and end up with twins.
A [pounds sterling]5.2 million cycleway network for Rossendale and Hyndburn looks set to be put back by a year.