A contract that, in exchange for the option price , gives the option buyer the right, but not the obligation, to buy (or sell) a financial asset at the exercise price from (or to) the option seller within a specified time period, or on a specified date ( expiration date ).
OPTIONS CONTRACT
Meaning of OPTIONS CONTRACT in English
Campbell R. Harvey. Hypertextual finance English glossary. Английский словарь гипертекстовых финансов. 2012