4. (Ch. of Eng.) A right formerly belonging to an archbishop to select
any one dignity or benefice in the gift of a suffragan bishop
consecrated or confirmed by him, for bestowal by himself when next
vacant; -- annulled by Parliament in 1845.
5. (Stock Exchange) A stipulated privilege, given to a party in a time
contract, of demanding its fulfillment on any day within a specified
limit.
Buyer's option, an option allowed to one who contracts to buy stocks at
a certain future date and at a certain price, to demand the delivery of
the stock (giving one day's notice) at any previous time at the market
price. -- Seller's option, an option allowed to one who contracts to
deliver stock art a certain price on a certain future date, to deliver
it (giving one day's notice) at any previous time at the market price.
Such options are privileges for which a consideration is paid. -- Local
option. See under Local.
Syn. -- Choice; preference; selection. -- Option, Choice. Choice is an
act of choosing; option often means liberty to choose, and implies
freedom from constraint in the act of choosing.
Op"tion*al (?), a. Involving an option; depending on the exercise of an
option; left to one's discretion or choice; not compulsory; as,
optional studies; it is optional with you to go or stay. -- n. See
Elective, n.
If to the former the movement was not optional, it was the same
that the latter chose when it was optional.
Palfrey.
Original writs are either optional or peremptory.
Blackstone.
Op"tion*al*ly, adv. In an optional manner.
{ Op"to*cœle (?), ||Op`to*cœ"li*a (?), } n. [NL. optocoelia, fr. Gr.
&?; optic + koi^los a hollow.] (Anat.) The cavity of one of the optic
lobes of the brain in many animals. B. G. Wilder.
Op"to*gram (?), n. [Optic + - gram: cf. F. optogramme.] (Physiol.) An
image of external objects fixed on the retina by the photochemical
action of light on the visual purple. See Optography.
Op*tog"ra*phy (?), n. [Optic + -graphy.] (Physiol.) The production of
an optogram on the retina by the photochemical action of light on the
visual purple; the fixation of an image in the eye. The object so
photographed shows white on a purple or red background. See Visual
purple, under Visual.
Op*tom"e*ter (?), n. [Optic + -meter.] (Physiol.) An instrument for
measuring the distance of distinct vision, mainly for the selection of
eveglasses.
Op"u*lence (?), n. [L. opulentia: cf. F. opulence. See Opulent.]
Wealth; riches; affluence. Swift
Op"u*len*cy (?), n. See Opulence. Shak.
Op"u*lent (?), a. [L. opulens, opulentus, fr. ops, opis, power, wealth,
riches, perh. akin to E. apt: cf. F. opulent. Cf. Copious, Couple,
Office.] Having a large estate or property; wealthy; rich; affluent;
as, an opulent city; an opulent citizen. -- Op"u*lent*ly, adv.