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option

/ˈɒpʃən/
noun

  1. One of a set of choices that can be made.

  2. The freedom or right to choose.

  3. A contract giving the holder the right to buy or sell an asset at a set strike price; can apply to financial market transactions, or to ordinary transactions for tangible assets such as a residence or automobile.

Synonymsalternative, choice, possibility
verb

  1. To purchase an option on something.

    "The new novel was optioned by the film studio, but they'll probably never decide to make a movie from it."

  2. To configure, by setting an option.

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