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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 ?
Upon receiving the ball from the coach, the post must "chin the basketball" - place it up underneath his chin, with his elbows out, count "one thousand and one," and then drop-step toward the near baseline and put up a power layup.
These investors are willing to put up risk capital because they expect a larger return than they could get with Treasury bonds or in the stock market.
Buitre languished at UP's bench for much of the season but she kept herself ready and in her first start she put up a career performance of 19 points in the Lady Maroons' close 25-23, 20-25, 25-23, 24-26, 15-11 win against UE.