noun (n)

• 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.possession)

  source: wordnet30
• one of a number of things from which only one can be chosen(noun.cognition)

  Example:
  What option did I have?.
  

  Synonym:
  alternative, choice
  

  source: wordnet30
• the act of choosing or selecting(noun.act)

  Synonym:
  choice, pick, selection
  

  source: wordnet30
• The power of choosing; the right of choice or election; an alternative.(noun)

  source: webster1913