the power or right of choosing.
something that may be or is chosen; choice.
the act of choosing.
an item of equipment or a feature that may be chosen as an addition to or replacement for standard equipment and features: a car with a long list of extra-cost options; a telephoto lens option for a camera.
a privilege acquired, as by the payment of a premium or consideration, of demanding, within a specified time, the carrying out of a transaction upon stipulated terms; the right, as granted in a contract or by an initial payment, of acquiring something in the future: We bought one lot and took a 90-day option on an adjoining one.
Football. a play in which a back has a choice of either passing or running with the ball.
verb (used with object)
to acquire or grant an option on: The studio has optioned his latest novel for film adaptation.
to provide with optional equipment: The car can be fully optioned at additional cost.

1595–1605; < Latin optiōn- (stem of optiō) choice, equivalent to op(tāre) to select (see opt) + -tiōn- -tion

optionable, adjective
preoption, noun

2. See choice. 2, 3. selection, election.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
option (ˈɒpʃən)
1.  the act or an instance of choosing or deciding
2.  the power or liberty to choose
3.  an exclusive opportunity, usually for a limited period, to buy something at a future date: he has a six-month option on the Canadian rights to this book
4.  commerce See also traded option the right to buy (call option) or sell (put option) a fixed quantity of a commodity, security, foreign exchange, etc, at a fixed price at a specified date in the future
5.  something chosen; choice
6.  (NZ) short for local option
7.  keep one's options open, leave one's options open not to commit oneself
8.  See soft option
9.  (tr) to obtain or grant an option on
[C17: from Latin optiō free choice, from optāre to choose]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

c.1600, "action of choosing," from Fr. option, from L. optionem (nom. optio) "choice, free choice," related to optare "to desire, choose," from PIE base *op- "to choose, prefer." Meaning "thing that may be chosen" is attested from 1885. Commercial transaction sense first recorded 1755 (the verb in this
sense is from 1934). As a N.Amer. football play, it is recorded from 1954.
Online Etymology Dictionary, © 2010 Douglas Harper
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Computing Dictionary

option definition

command line option

The Free On-line Dictionary of Computing, © Denis Howe 2010 http://foldoc.org
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Example sentences
To me it seems that the first option isn't really free will as factors, such as the taste, are beyond my realm of choice.
There are ways to develop universal health care coverage that don't include a
  public option.
Investors pay for the call option by forgoing some interest on the debt.
Gas is an option for cutting power plant emissions and addressing global
  warming in the short term.
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