Meaning of 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

one of a number of things from which only one can be chosen; "what option did I have?"; "there is no other alternative"; "my only choice is to refuse"

the act of choosing or selecting; "your choice of colors was unfortunate"; "you can take your pick"