Clear-Point Law, Practical Dictionary of Legal Terms
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definition of option:

the agreement to hold open an offer for a particular length of time. An option allows the offeree (the party who received the offer) a set length of time to either accept or reject the offer. An option usually restricts the offeror (the party making the offer) from presenting the offer to another party during the specified period.

option, as it might be used:

The company holds an option to purchase the equipment.
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