What is Strap?

Legal Definition
A strap, sometimes also called strop, is an elongated flap or ribbon, usually of fabric or leather.

Thin straps are used as part of clothing or baggage, or bedding such as a sleeping bag. See for example spaghetti strap, shoulder strap. A strap differs from a belt mainly in that a strap is usually integral to the item of clothing; either can be used in combination with buckles.

Straps are also used as fasteners to attach and bind items, to objects, animals (for example a saddle on a horse) and people (for example a watch on a wrist), or even to tie down people and animals, as on an apparatus for corporal punishment. Occasionally a strap is specified after what it binds or holds, e.g. chin strap.

Mere two-inch-wide nylon vehicle tow/recovery straps are commonly rated at 20,000 lbs. break strength. Webbing is a particular type of strap that is a strong fabric woven as a flat strip or tube that is also often used in place of rope. Modern webbing is typically made from exceptionally high-strength material, and is used in automobile seat belts, furniture manufacturing, transportation, towing, military apparel, cargo fasteners, and many other fields.
-- Wikipedia
Legal Definition
When a firm is long on one put and two call options with equal strike prices creating a spread to make use of market volatility to secure unlimited profit potential with minimal risk. Refer to strip.