Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Chicago Board Options Exchange
The predominant organized marketplace in the United States for trading options. - Abbr. CBOE.
London commodity option
An agreement to buy or sell a futures contract for a commodity traded on the London markets, for a particular price and within a particular time. London Lloyd's See LLOYD'S OF LONDON.
Option
vb. To grant or take an option on (something) <Ward optioned his first screenplay to the studio for $50,000>.
Options Price Reporting Authority
A national market-system plan approved by the SEC for collecting and disseminating last-sale and quotation information on options traded on a five-member exchange consisting of the American Stock Exchange, the Chicago Board of Options Exchange, the New York Stock Exchange, the Pacific Stock Exchange, and the Philadelphia Stock Exchange. - Abbr. OPRA.
adoption by estoppel
an equitable adoption of a child by a person's promises and acts that preclude the person and his or her estate from denying adopted status to the child. also termed equitable adoption; virtual adoption.
adoption by reference.
see incorporation by reference.
adoption,
family law. the statutory process of terminating a child's legal rights and duties toward the natural parents and substituting similar rights and duties toward adoptive parents .
call option
See,
call option.
An option to buy something (esp. securities) at a fixed price even if the market rises; the right to require another to sell. - Often shortened to call.
cash-value option
. The right of a life-insurance policyholder to surrender the policy for its cash value at a specified time or at any time. commodity option. An option to buy or sell a commodity. futures option. An option to buy or sell a futures contract.
commodity option.
See OPTION.
de facto adoption
See ADOPTION
de facto adoption.
an adoption that falls short of the statutory requirements in a particular state. the adoption agreement may ripen to a de jure adoption when the statutory formalities have been met. 2. contracts. the process by which a person agrees to assume a contract previously made for that person's benefit, such as a newly formed corporation's acceptance of a preincorporation contract. - adopt, ub. - adoptive,adj
doctrine of optional completeness
See RULE OF OPTIONAL COMPLETENESS.
employee stock option
See STOCK OPTION (2)
equitable adoption
See adoption by estoppel under ADOPTION (1).
first option to buy.
See RIGHT OF PREEMPTION.
futures option.
See OPTION.
heir by adoption.
A person who has been adopted by (and thus has become an heir to) the deceased. ( By statute in most jurisdictions, an adopted child has the same right of succession to intestate property as a biological child unless the deceased clearly expresses a contrary intention. Jurisdictions differ on whether an adopted child may in addition inherit from his or her natural parents or family.
incentive stock option
See STOCK OPTION (2).
legatum optionis
n. [Latin] Roman law. A legacy of one of several items that the designated beneficiary chooses from the testator's estate. ( Originally, if the heir died after the testator but before making the selection, the heir's representative was unable to make the choice and the legacy failed. Justinian later changed the law to make selection by the representative under these circumstances valid.
local option
An option that allows a municipality or other governmental unit to determine a particular course of action without the specific approval of state officials. - Also termed local veto. Cf. HOME RULE.
lockup option
A defense against a corporate takeover, in which a friendly party is entitled to buy parts of a corporation for a set price when a person or group acquires a certain percentage of the corporation's shares. ( An agreement of this kind may be illegal, to the extent it is not undertaken to serve the best interests of the shareholders. - Often shortened to lockup.
naked option
A call option that grants another the right to buy stock even though the option-giver does not own the stock to back up that commitment. - Also termed uncovered option.
nonforfeiture option
See OPTION.
nonforfeiture option.
A policyholder's option, upon the lapse of premium payments, to continue an insurance policy for a shorter period than the original term, to surrender the policy for its cash value, to continue the policy for a reduced amount, or to take some other action rather than forfeit the policy.
nonqualified stock option
See STOCK OPTION.
nonqualifxed stock option
A stock-option plan that does not receive capital-gains tax treatment, thus allowing a person to buy stock for a period (often ten years) at or below the market price.
option agreement
Corporations. A sharetransfer restriction that commits the shareholder to sell, but not the corporation or other shareholders to buy, the shareholder's shares at a fixed price when a specified event occurs. Cf. BUY-SELL AGREEMENT (2); OPTION (2).
option contract
See OPTION (2).
option premium
See PREMIUM (4).
option spread
Securities. The difference between the option price and the fair market value of the underlying stock when the option is exercised. See SPREAD.
option tender bond
See put bond under BOND (3).
option to purchase real property
See OPTION.
option to purchase real property.
A contract by which an owner of realty enters an agreement with another allowing the latter to buy the property at a specified price within a specified time, or within a reasonable time in the future, but without imposing an obligation to purchase upon the person to whom it is given.
option,
n. 1. The right or power to choose; something that may be chosen <the lawyer was running out of options for settlement>. 2. A contract made to keep an offer open for a specified period, so that the offeror cannot revoke the offer during that period <the option is valid because it is supported by consideration. - Also termed option contract. See irrevocable offer under OFFER. 3. The right conveyed by such a contract <Phil declined to exercise his first option to buy the house>. 4. The right (but not the obligation) to buy or sell a given quantity of securities, commodities, or other assets at a fixed price within a specified time <trading stock options is a speculative business>. Cf. FUTURES CONTRACT.
optional bond
A bond that the holder may redeem before its maturity date if the issuer agrees. option tender bond See put bond.
optional completeness, rule of
See RULE OF OPTIONAL COMPLETENESS.
optional writ
At common law, an original writ issued when the plaintiff seeks specific damages, such as payment of a liquidated debt. ( The writ commands the defendant either to do a specified thing or to show why the thing has not been done.
optional-completeness doctrine
See RULE OF OPTIONAL COMPLETENESS. optional writ See WRIT.
optionee
One who receives an option from another. - Also termed option-holder.
optionor
. One who grants an option to another. - Also spelled optioner. - Also termed option-giver.
put option
An option to sell something (esp. securities) at a fixed price even if the market declines; the right to require another to buy. - Often shortened to put.
qualified stock option
A now-rare stockoption plan that allows a person to buy stock for a period (often five years) at the market price, the stock being subject to capital-gains tax treatment.
qualified stock option.
See STOCK OPTION
rule of optional completeness
The rule of evidence providing that when a party introduces part of a writing of an utterance at trial, the opposing party may require that the remainder of the passage be read to establish the full context. ( The rule has limitations: first, no utterance can be received if it is irrelevant, and second, the remainder of the utterance must explain the first part. In many jurisdictions, the rule applies to conversations, to an opponent's admissions, to confessions, and to all other types of writings - even account books. But the Federal Rules of Evidence limit the rule to writings and recorded statements. Fed. R. Evid. 106. In most jurisdictions, including federal, the remainder is not admissible unless its admission would be unfair or misleading. - Also termed rule of completeness; doctrine of completeness; doctrine of optional completeness; completeness doctrine; optional-completeness rule; optional-completeness doctrine.
seller's option
See OPTION.
seller's option.
A special stock-exchange transaction that gives the seller the right to deliver the security within a specified period, usu. 5 to 60 days.
settlement option
See OPTION.
settlement option. Insurance.
A life-insurance-policy clause providing choices in the method of paying benefits to a beneficiary, as by lump-sum payment or periodic installments. stock option See STOCK OPTION.