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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 ?
If you're in need of drills, I've got over 50 performance drills in my Golf State of Mind Putting System.
Boutcher and Crews (1987) studied the effects of attentional pre-shot routines on a golf putting task.
"I am striking the ball well which make the putting so upsetting," she said.
3 Set down distance markers and alternate putting to different distances.
But, basically, we spent every penny that we could on putting in fiber."
"We often make the journey to financial stability more difficult because we won't sacrifice and commit to putting [money] aside." The Danielses put off nonessential purchases, like furniture, until they were able to afford them, and Kysa often shops at consignment and thrift stores.
His purpose is to get the opponent to step with this leg and put weight on it -- putting the attacker in a staggered stance with the penetration leg forward and his weight on the rear, or drive, foot.
As we proposed in the Heritage Foundation budget alternative - coincidentally titled "Putting Families First" - the "Putting Jobs and the American Family First Act" would cap the growth of all federal spending at 2 percent per year, reducing projected federal spending by more than $600 billion over five years.
If your balance is unsteady, sit on the edge of the bed or on a chair while putting on your clothing.
Putting practice, like any other form of practice is only useful if it has a purpose, otherwise you are just hitting balls and graining in faults.
But through remarkable recovery play and dynamic putting skills he went on to win several Majors.