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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 ?
Initiator bought 200K Feb 1st 6 puts for 30c and sold 250K Jan 6 puts at 15c, and also sold 50K Jan 22nd Flex (european style) 6.01 puts for 15c.
The stock off 15c to $19.97 and one player sells 4.5K Dec 20.5 puts at 68c to buy 3K Dec 19 puts for 15c and 1.5K Dec 19.5 puts for 25c.
The investor is closing the 49.5 puts at $1.25 today and opening 3K Dec 14th 48 puts for 64c in anticipation of additional losses in shares in the days ahead.