Option year, two types: Player or Team.

Player option: year that player has the option to continue with his contract and play that year for that team on the current contract.

team option: team has the option to keep its current player with the current contract for that year.

ATT wireless does offer a no contract option for coverage. It is called "Go Phone". With this option you pay a monthly fee with no annual contract.

The holder/purchaser/owner of a call option contract has the right to buy an asset (or call the asset away) from a writer/seller of a call option contract at the pre-determined contract or strike price. The holder/purchaser/owner of a call option contract expects the price of the underlying asset to rise during the term or duration of the call contract, for as the value of the underlying asset increases so does the value of the call option contract. Conversely, the write/seller of a call option contract expects the price of the underlying asset to remain stable or to decline. The holder/purchaser/owner of a put option contract has the right to sell an asset (or put the asset) to a writer/seller of a put option contract at the pre-determined contract or strike price. The holder/purchaser/owner of a put option contract expects the price of the underlying asset to decline during the term or duration of the put contract, for as the value of the underlying asset declines the contract value increases. Conversely, the writer/seller of a put option contract expects the price of the underlying asset to remain stable or to rise.

what type of contract do both parties have the option to avoid their contractual obligations what type of contract do both parties have the option to avoid their contractual obligations

Lebron James contract runs out in late 2011. He does have the option to stay another year but that option is all up to him, and to him that option is "to-be-determined."