Meaning

noun the right to buy or sell property at an agreed price; the right is purchased and if it is not exercised by a stated date the money is forfeited

noun one of a number of things from which only one can be chosen

noun the act of choosing or selecting

originFrom French option, from Latin optiō (“choice; option; act of choosing”), from optō (“to choose, select”). Equivalent to opt + -ion.

Etymology from Wiktionary, CC BY-SA 3.0