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