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Encyclopedia Britannica



OPTION (Lat. optio, choice, choosing, optare, to choose)

This article appears in Volume V20, Page 141 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: NUM-ORC
OPTION (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
 ).


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