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. [Cases: Commodity Futures Trading Regulation 10; Corporations 116; Securities Regulation 5.25(3). C.J.S. Corporations §§ 233–240, 242; Securities Regulation §§ 28–29, 455, 470.]