“ The word had a particular meaning in ecclesiastical law, where it was used of a right claimed by an archbishop to select one benefice from the diocese of a newly appointed bishop, the next presentation to which would fall to his, the archbishop’s, patronage. This right was abolished by various statutes in the early part of the 19th century. As a term in stock-exchange operations, “option” is used to express the privilege given to conclude a bargain at some future time at an agreed-upon price (see Call and Stock Exchange) . ”