“option contract” means an agreement the effect of which is that any person acquires the option (excluding a foreign currency option contract as defined in section 24I(1)) –

 

(a)     to buy from or to sell to another person a certain quantity of corporeal or incorporeal things before or on a future date at a pre–arranged price; or

 

(b)     that an amount of money will be paid to or received from another person before or on a future date depending on whether the value or price of an asset, index, currency, rate of interest or any other factor is higher or lower before or on that future date than a pre–arranged value or price.