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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 ?
To put paid to, for example, an idea, is to render the idea completely unnecessary.
Losing dan Nicotra and Kieran Taylor cheaply put paid to any chance of a Lanchester run chase, and some really accurate and tight bowling from Callum storey and Ben Harmison early on left the title challengers a bit short on the day.
The bad weather also put paid to the second and third-team fixtures who were due to compete in their respective Raging Bull Leagues.
England World Cup-winning fly-half Jonny Wilkinson won the battle of the No 10s as his Toulon side travelled well to put paid to Sale 17-6.
After a blisteringly hot spell of weather, wind and rain are threatening to put paid to Britain's enjoyment of the upcoming bank holiday weekend.
But Pearl Harbor put paid to all America First activities.
That would put paid to organisers' hopes of setting up a three-way clash between Bolt and his chief 100metre rivals Asafa Powell and Tyson Gay.
RICHARD Madeley put paid to all the unkind speculation when he spoke of the real reason for his wife Judy Finnigan's recent unsteady appearance.
A LATE try put paid to Chester in an excellent National 3 North clash at second-placed Stockport.
COLD weather put paid to the success of this year's Huddstock festival.
A frozen pitch put paid to the Blue Square North fixture on Saturday and the table-topping Lambs agreed another overnight stay but were caught cold by a 5-1 defeat.
Soaring fuel costs could put paid to another great British tradition.