option

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option

1. Commerce an exclusive opportunity, usually for a limited period, to buy something at a future date
2. NZ short for local option

Option

 

in international law, the choice of citizenship extended to persons having citizenship of two or more states. The implementation of the option is based on an agreement between the interested states or on legislation by the states. The option arises most often in the cession of territory, when special accords grant citizens of the contracting states the right of option. Children, as a rule, follow their parents’ option of citizenship.

An example of option connected with territorial changes after World War II is the 1947 peace treaty with Italy, which granted for one year the right of option of citizenship to citizens who until 1946 had been permanent residents of territories ceded at that time to other states.

After the October Revolution of 1917, the Soviet state concluded an agreement on option with the states that had emerged from the former Russian Empire, for example, with Finland. The USSR signed a number of option agreements after World War II. An example is the Protocol on Option in the 1945 Soviet-Czechoslovak treaty on the Transcarpathian Ukraine. The protocol provided that persons of Ukrainian or Russian nationality who resided in regions of Slovakia in Czechoslovakia and persons of Slovak or Czech nationalities who resided in the Transcarpathian Ukraine could choose either Soviet or Czechoslovak citizenship.

Option of citizenship was also provided for in the conventions on dual citizenship the USSR concluded with a number of socialist states between 1956 and 1966.

option

An agreement between an owner and prospective user of a property which, for a specified sum, grants the latter the right to buy or rent the property within a specified period of time.

option

References in periodicals archive ?
The statement echoed threats by other Israeli leaders who have said they are keeping options open as to whether the decision means Arafat will be expelled, further isolated at his West Bank compound or dealt with more harshly.
The Roger Charlton-trained duo of Avonbridge and Patavellian are 11-2 and 6-1 respectively, but Philip Deer, representing connections, said: "We're keeping options open for Avonbridge and Patavellian for the King's Stand and Golden Jubilee next week.
O'Brien confirmed he is keeping options open for Galileo.
I'm keeping options open but being realistic you wouldn't think he'd run in the Champion," the trainer said.
I haven't yet given up on Lannkar's Festival chance, so I'll be keeping options open as far as Cheltenham and Aintree are concerned for It Takes Time.