term:

Election

election n

1 a : the act or process of electing
b : an instance of the electorate voting for candidates for an elective office
c : the fact of being elected
2 : the right, power, or privilege of making a choice: as
a : the right of a spouse to choose a statutorily prescribed amount of a deceased spouse's estate or whatever was devised to him or her under the will
b : the right of a person who has an interest in property that a deceased has disposed of by will either to claim his or her right to the property or to accept what he or she was devised under the will instead
c : the right of a party to a contract that has been breached by the other party to choose to continue or terminate the contract see also election of remedies, equitable election

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.