'Option' in the Bible

So I am legally informing you: Acquire it before those sitting here and before the leaders of my people! If you want to exercise your right to redeem it, then do so. But if not, then tell me so I will know. For you possess the first option to redeem it; I am next in line after you." He replied, "I will redeem it."

The guardian said, "Then I am unable to redeem it, for I would ruin my own inheritance in that case. You may exercise my redemption option, for I am unable to redeem it."