put option

noun Finance.
put ( def 24 ).
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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put option

1. an option to sell 
2. the option to sell a given stock (or stock index or commodity future) at a given price before a given date [ant: call
WordNet® 3.0, © 2006 by Princeton University.
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Example sentences
If you think the market will crash, you can short sell securities or simply buy
  a put option on them.
In effect, the employer has written the employee a put option on the market.
In effect, the clients had written a put option on the share price.
But the implicit put option, at par value, is not backed up by any capital or
  official enhancement whatsoever.
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