option

(noun) the right to buy or sell property at an agreed price; the right is purchased and if it is not exercised by a stated date the money is forfeited.

(noun) one of a number of things from which only one can be chosen. Synonyms: alternative, choice. Examples: "What option did i have?." "There no other alternative." "My only choice is to refuse."

(noun) the act of choosing or selecting. Synonyms: choice, selection, pick. Examples: "Your choice of colors was unfortunate." "You can take your pick."