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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 ?
"I am glad that this reckless thief has been put behind bars so he can reflect on his behaviour that night.
Rahul, Lalu, and Rabri can say anything they want but under the government of Narendra Modi anyone who will talk of dividing our motherland India will be put behind bars," Shah said while addressing a poll rally here.
'So the option we have adopted, is either they guarantee genuine repentance or they would be put behind bars before Election Day.
The NCHD chairman warned that the people not sending children to schools would be put behind bars.
The JKML spokesman said, on one hand, peaceloving people of Kashmir Valley are put behind bars, harassed and ill treated, while on the other, antiMuslim forces have been given a free hand to terrorize the Muslim masses.
The police officer and his team were put behind bars when the deceased's family protested against the extrajudicial killing.
After the Gujarat riots in the year 2002, Modi was not even arrested and put behind bars.
However, Justo added that he would only find closure after all those involved in the case are put behind bars.
Urdangarin, husband of King Felipe's sister Christina, was put behind bars, executing a court rule that allowed him to choose the jail where he would spend five years and ten months behind the iron bars.
Presidential Communications Secretary Martin Andanar assured the public that officials involved in illicit drugs trade would be put behind bars.
James Sharples, 26, of Dareham Crescent, Fazakerley, pleaded guilty to common assault and breaching a restraining order and was put behind bars for a total of 12 months.