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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 ?
I remember putting together a kitchen and cooker set for the loon when he was still in pre-school (yeah, we were ahead of the non-gender assignment wave).
This new series sees Gareth putting together a Military Wives super-choir for the nation's centenary commemorations of the First World War.
Does the idea of putting together the perfect Thanksgiving/Hanukkah hybrid mealManischewitz-brined turkey, anyone?make you want to give up culinary hope completely?
Liversidge's impressive effort served up success over Richard Kaye, of Lindley Lib A, but Golcar were still held to a 2-2 draw in Section IB despite MicK StocKs also putting together a BREAK of 58 in his win over Peter Gaffey.
They proved, over a period of six years, that they were incapable of putting together credible proposals.
Guy Chambers, the man who co-wrote Robbie Williams' hits Angels, Feel and Millennium, knows a thing or two about putting together a hit song.
As companies get more used to running applications in the cloud, they are putting together more complex systems.
I JUST wanted to write in to say a massive thank you to everyone involved in putting together this year's Southport Flower Show.
GARY Hackett has saluted Stourbridge's team spirit for responding to the toughest part of the season by putting together their best run of the campaign.
His mother's partner, David Thomas, said: "Samuel likes his power chair and putting together the football team is something he really wants to do.