OPTION (

See also:

• LAT

Lat. optio, choice, choosing, optare, to choose)  , the action of choosing or thing chosen, choice or power or opportunity of making a choice . The word had a particular meaning in ecclesiastical law, where it was used of a right claimed by an archbishop to select one benefice from the diocese of a newly appointed bishop, the next presentation to which would fall to his, the archbishop's, patronage . This right was abolished by various statutes in the early part of the 19th century . As a term in stock-exchange operations, " option " is used to express the privilege given to conclude a bargain at some future time at an agreed-upon price (see CALL and STOCK EXCHANGE) . The phrase " local option " has been specifically used in politics of the power given to the electorate of a particular district to choose whether licences for the sale of intoxicating liquor should be granted or not . This form of "local option" has been also and more rightly termed " local veto " (see LIQUOR LAWS) .