OPTION

(Lat. opto, I wish or choose.) In Ecclesiastical Law, a prerogative of the archbishops of the church of England. Every bishop is bound, immediately after his confirmation, to make a legal conveyance to the archbishop of the next avoidance of any one benefice or dignity belonging to his see which the archbishop may choose (whence the name). If the archbishop die before the avoidance happens, the right of filling it up pa es to his executors or administrators. Option, at the Stock Exchange, signifies a per centage given for " the option " of putting or calling, i. e. selling or buying, stock m time bargains at a certain price. [s. 862]