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option
'option' - used as a noun
1. the right to buy or sell property at an agreed price; the right is purchased and if it is not exercised by a stated date the money is forfeited
2. one of a number of things from which only one can be chosen
what option did I have?
3. the act of choosing or selecting
Variations of 'option'
 
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The only 15 letter word that can be spelled without repeating a letter is uncopyrightable.