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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 ?
But you make a judgement as the game goes on, analysing what happens when the TWO sides have the put in. Given if took 78 minutes for Fiji to have one, Lacey couldn't make a like for like comparison and that would have complicated matters further.
SCRUM 1: 6 mins, Wales put in, Fiji 5m line: Result: Wales awarded free kick for early Fiji push WALE W S had piled on the early pressure and they were soon to open the scoring with Gareth Davies' try.
THE cash crisis gripping Scottish football was put in stark perspective when English top flight clubs outspent them by almost pounds 225million in the January sales.
He added "Allying with the INA means eliminating the sectarian alliances and will be a healthy mark in the political process especially if we put in consideration that INA is different from the previous Alliance."
"There's an expectation that such a (legal) pathway will be put in place in 2009 or 2010" in the United States, Insmed Chief Executive Geoffrey Allan said.
"The first day of class I put in Danny Way's DC part," Greathouse said.

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