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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 ?
* T'S one of the more peculiar aspects of British culture - the ritual of putting the clocks back an hour and then forward again six months later.
This time last year, the British Medical Journal claimed not putting the clocks back in October would increase daylight hours and encourage outdoor activity.
Not putting the clocks back an hour tomorrow morning but still putting them forward in the spring would increase daylight hours and encourage more outdoor activity, a report in the British Medical Journal suggests.
s "When putting the clocks back this October think about taking a few simple and relatively inexpensive steps, which can be financially rewarding, particularly in the face of energy price hikes over the next few years.
Central European Time would mean that rather than reverting to Greenwich Mean Time in October and putting the clocks back one hour, they would stay one hour ahead until Spring when they would then be put forward another hour in March.

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