An option contract, or simply option, is defined as `a promise which meets the requirements for the formation of a contract and limits the promisor`s power to revoke an offer.` Restatement (Second) of Contracts § 25 (1981). An option contract is a type of contract that protects an offeree from an offeror`s ability to revoke the contract. Cons...
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http://en.wikipedia.org/wiki/Option_contract
(from the article `security`) An option contract is an agreement enabling the holder to buy a security at a fixed price for a limited period of time. One form of option contract ...
Found on
http://www.britannica.com/eb/a-z/o/25
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