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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 classic literature ?
The poor old man was put to bed, and though he tried it every morning until the end, he never could get up again.
"She had better be put to bed soon; she looks tired: are you tired?" she asked, placing her hand on my shoulder.
When he recovered of that, he grew sick and vomited, and in a little after was put to bed, and the next morning was, as he had been indeed all night, in a violent fever.
"Napoleon has landed at Cannes." Such news might create a panic at Vienna, and cause Russia to drop his cards, and take Prussia into a corner, and Talleyrand and Metternich to wag their heads together, while Prince Hardenberg, and even the present Marquis of Londonderry, were puzzled; but how was this intelligence to affect a young lady in Russell Square, before whose door the watchman sang the hours when she was asleep: who, if she strolled in the square, was guarded there by the railings and the beadle: who, if she walked ever so short a distance to buy a ribbon in Southampton Row, was followed by Black Sambo with an enormous cane: who was always cared for, dressed, put to bed, and watched over by ever so many guardian angels, with and without wages?
There had recently been some uncertainty among investors on the status of the rimegepant NDA filings, but he thinks those concerns "can now officially be put to bed." Van Buren, who keeps an Overweight rating Biohaven said he has a high level of confidence in the eventual launch of rimegepant.
Bayern are making very public advances to try to persuade the German to swap Manchester for Munich, but signing the winger up to a new deal would put to bed, for some time at least, the biggest unresolved first-team issue.
I'm well aware that the article was put to bed long before some key acquisitions were made, but I wonder if the fact that the Phillies acquired both J.T.
'When they were asked where they were going, they said that they were going to a friend's house who just put to bed', the prosecution said.
But speculation has been put to bed as Rennie signed a deal that will keep him at the Warriors until summer next year.
Ms Sutcliffe added: "We've had examples of people left in a chair alone overnight as they haven't been put to bed."
An urgent search was launched to find a three-year-old who was last seen when she was put to bed at her home in North Yorkshire last night.
In signing a new contract, Salah has put to bed any speculation of a move to Real Madrid, who were keeping tabs on the talented forward.