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3 definitions found
 for Local option
From The Collaborative International Dictionary of English v.0.48 :

  Option \Op"tion\, n. [L. optio; akin to optare to choose, wish,
     optimus best, and perh. to E. apt: cf. F. option.]
     1. The power of choosing; the right of choice or election; an
        alternative.
        [1913 Webster]
  
              There is an option left to the United States of
              America, whether they will be respectable and
              prosperous, or contemptible and miserable, as a
              nation.                               --Washington.
        [1913 Webster]
  
     2. The exercise of the power of choice; choice.
        [1913 Webster]
  
              Transplantation must proceed from the option of the
              people, else it sounds like an exile. --Bacon.
        [1913 Webster]
  
     3. A wishing; a wish. [Obs.] --Bp. Hall.
        [1913 Webster]
  
     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.
        [1913 Webster]
  
     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; also, the contract giving
        that privelege; as, an option to buy a stock at a given
        price; to exercise an option.
        [1913 Webster +PJC]
  
     Note: A person owning a stock may sell to another person an
           option or right to buy that stock at some specified
           price within a specified period of time, and in return
           will get a premium in consideration for giving the
           option. If the option price (the strike price) is above
           the market value for the entire period in which the
           option is valid, the option is typically not exercised,
           and expires with no need on the part of the stock owner
           to transfer the actual stock itself. If however the
           stock price rises above the option price, the holder of
           the option may exercise the option, and buy the stock
           at the specificed price, and may in turn resell the
           stock at the current market value, perhaps making a net
           profit on the transaction. The original holder of the
           stock will receive, in addition to the price at which
           the stock is sold, the price of the option, and will
           generally receive more money than if the stock itself
           were sold at the time that the option was sold. The
           actual profits for the transaction will depend on the
           fees that brokers charge for conducting the sales of
           options and stocks.
           [PJC]
  
     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.
        [1913 Webster]
  
     Syn: Choice; preference; selection.
  
     Usage: Option, Choice. Choice is an act of choosing;
            option often means liberty to choose, and implies
            freedom from constraint in the act of choosing.
            [1913 Webster]

From The Collaborative International Dictionary of English v.0.48 :

  Local \Lo"cal\ (l[=o]"kal), a. [L. localis, fr. locus place: cf.
     F. local. See Lieu, Locus.]
     Of or pertaining to a particular place, or to a definite
     region or portion of space; restricted to one place or
     region; as, a local custom.
     [1913 Webster]
  
           Gives to airy nothing
           A local habitation and a name.           --Shak.
     [1913 Webster]
  
     Local actions (Law), actions such as must be brought in a
        particular county, where the cause arises; --
        distinguished from transitory actions.
  
     Local affection (Med.), a disease or ailment confined to a
        particular part or organ, and not directly affecting the
        system.
  
     Local attraction (Magnetism), an attraction near a compass,
        causing its needle to deviate from its proper direction,
        especially on shipboard.
  
     Local battery (Teleg.), the battery which actuates the
        recording instruments of a telegraphic station, as
        distinguished from the battery furnishing a current for
        the line.
  
     Local circuit (Teleg.), the circuit of the local battery.
        
  
     Local color.
     (a) (Paint.) The color which belongs to an object, and is not
         caused by accidental influences, as of reflection,
         shadow, etc.
     (b) (Literature) Peculiarities of the place and its
         inhabitants where the scene of an action or story is
         laid.
  
     Local option, the right or obligation of determining by
        popular vote within certain districts, as in each county,
        city, or town, whether the sale of alcoholic beverages
        within the district shall be allowed.
        [1913 Webster]

From WordNet (r) 3.0 (2006) :

  local option
      n 1: freedom of a local government to determine by popular vote
           the applicability of a controversial law in their
           jurisdiction

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