In English eoclesiastical law. A customary prerogative of an archbishop, when a bishop is consecrated by him, to name a clerk or chaplain of his own to be provided for by such suffragan bishop; in lieu of which it is now usual tor the bishop to make over by deed to the archbishop, his executors and assigns, the next presentation of such dignity or benefice in the bishop’s disposal within that see, as the archbishop himself shall choose, which is therefore called his “option.” 1- Bl. Comm. 381; 3 Steph. Comm. 63, 64; Cowell. In contracts. An option is a privilege existing in one person, for which he has paid money, which gives him the right to buy certain merchandise or certain specified securities from another person, if he chooses, at any time within an agreed period, at a fixed price, or to sell such property to such other person at an agreed price and time. If the option gives the choice of buying or not buying, it is denominated a “call.” If it gives the choice of selling or not, it is called a “put” If it is a combination of both these, and gives the privilege of either buying or selling or not, it is called a “straddle” or a “spread eagle.” These terms are used on the stock exchange.