option

nouns

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
option
is a type of (narrower)
a financial instrument whose value is based on another security
derivative, derivative instrument
one of a number of things from which only one can be chosen
"what option did I have?"; "there no other alternative"; "my only choice is to refuse"
alternative, choice, option
the act of choosing or selecting
"your choice of colors was unfortunate"; "you can take your pick"
choice, option, pick, selection
is derived from
opt