A contract that, in exchange for the option price, gives the option buyer the right, but not the obligation, to buy (or sell) a financial asset at the exercise price from (or to) the option seller within a specified time period, or on a specified date ( expiration date). Bloomberg Financial Dictionary
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A contract giving the holder the right, but not the obligation, to buy ( call), or sell ( put), a specified underlying asset at a pre-agreed price, at either a fixed point in the future (European-style), or at a time chosen by the holder up to maturity (American-style). Options are available in exchange-traded, and over-the-counter ( OTC) markets. LIFFE
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options contract UK US noun [C] FINANCE, STOCK MARKET
► the written legal agreement that gives someone the right to buy something such as shares at a later date or within a period of time at a particular price: »
Every options contract has a buyer who is referred to as the option holder.
Financial and business terms. 2012.