In stock-brokers* parlance the term means the double privilege 'of a “put” and a “call," and secures to the holder the right to demand of the seller at a certnin price within a certain time a certain number of shares of specified stock, or to require him to take, at the same price within the same time, the same shares of stock. Harris v. Tumbridge, 83 N. ¥. 95, 38 Am. Rep. 398
Source: Black's Law Dictionary 2nd Ed (1910)
