A type of option (www.practicallaw.com/A36577) which grants a right (but not an obligation) for a potential buyer to acquire an asset from a seller at a specified price (or a price to be calculated in accordance with a pre-agreed formula). The option is generally exercisable during a specified period. Call options can be used in joint ventures (www.practicallaw.com/A35536) as a method of resolving deadlock (www.practicallaw.com/A34799) situations. For example, if A has a call option enforceable against B, A can require B to sell B’s shares to him.
For an overview on options, see PLC Finance, Practice note, Derivatives: overview: Option (www.practicallaw.com/8-385-8330).