An option contract is an agreement that allows someone to buy or sell something at a later date, but they are not obligated to do so. It gives the person the right to choose whether they want to go through with the deal or not. Full definition
There are several types of options contracts in financial transactions. (investinganswers.com)
It's not as financially devastating as making a bad bet on an stock option contract on margin, but it can still be a significant loss if not monitored closely. (stockmonkeys.com)
The total number of outstanding option contracts for a particular option series. (hsbc.ca)