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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 ?
You probably think you can, but to take guessing out of the equation, we've put together a quick quiz so that you can see for certain.
Further briefing the President on how the Committee put together the document, which could literally be described as Ghana's guide book to move her from virtually begging for aid, the Senior Minister stated that key institutions of the country were put together to work on it.
While speaking with the Nigeria Tribune on the sideline of a seminar put together by AIRDEF themed: Soil and grass: Building potentials, which held at Jogor Centre, Ibadan, the Preseident, AIRDEF, Oluwaseun Olla, informed that the seminar is aimed at disseminating research results through detailed information about agricultural processes.
Summary: New Delhi [India], Nov 1: Trying to put together something to wear on Diwali?
Opting for a shallow approach from peg 31 until the last hour when he went down the edge on pellet, Jamie (MAP) put together a tremendous catch of carp to 8lb for a winning weight of 179.4.0.
Whether it's implementing safe isolation for the first time or keeping up to date with the latest compliance issues around electrical safety, MARTINDALE ELECTRIC says it has put together everything needed to get started.
'We have one full year of achieving the goal of qualifying a Filipino cyclist to the Tokyo Olympics and we want to put together the best of the best in the national team,' said Tolentino, president of PhilCycling, the sport's local governing body.
According to Bloomberg, Amazon's (AMZN) average profit margins have stalled at about 1% for the past half decade but over the last few of those years, the founder and CEO Jeff Bezos has put together a plan for advertising.
The Money Advice Service (MAS) has put together a downloadable guide to the accounts, which can be found at: tiny.cc/bankaccounts
Raising money for: British Heart Foundation, Diabetes UK, Hexham Foodbank and Hadrian School for severely disabled children MANAGER and Promoter Michael Brown of Gateshead said: "We are working in collaboration with Mercedes of Newcastle to put together a luxury hamper and a chance for someone to win a Mercedes Convertible for a weekend which we are inviting people to buy tickets for.
It's a collection that holds bright full-page color photos on each facing page and which features recipes that are easy to put together. The result is a collection packed with flavorful ideas that are surprisingly simple to put together, yet loaded with flavor.