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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 ?
A 20-year-old earning PS25,000 and putting away 8 per cent each month could build up a pot worth PS186,262 by the time they hit 67.
Of those paying into a workplace pension scheme, twenty-something men were paying in PS93.26 a month on average, whilst female savers were putting away around double this amount - at PS180.36 - at this age.
"He's been putting away blown up middleweights with his body shots.
"It's not just me - a lot of us have been missing chances we should have been putting away.
The only goal came in the 17th minute when Italian midfielder Fausto Rossi broke the deadlock by putting away the rebound after a melee in the shaky Barca defence.
SAVINGS rates may be continuing to sit at low levels, but the latest Principality Building Society Saving and Spending Survey suggests people in Wales are determined to continue putting away what they can for a rainy day.
At Home: Let the kids help put away the fruits and vegetables, try to arrange the fruit bowl so you have many different colors showing- make it a game, as they are putting away the fruits and vegetables, guess where they came from.
Bottling up anger isn't always a good thing, but physically putting away a symbol of it just might be.