Option. Property bought or sold to be received or delivered by the buyer or seller in accordance
with the terms agreed upon. Sometimes the buyer pays for the privilege of calling for the delivery
of the property within a certain time if he so wills, but he is not obliged to take it; sometimes the
seller pays for the privilege of delivering the property.  In speculation an option is the purchased
privilege of either receiving or delivering a specified amount of anything (as stocks, grain, cotton,
coffee, etc.) at a specified price within a specified time.