When a player faces a villainous choice, they first choose one of the two options, then all actions in the chosen option are performed.

If an effect instructs you to choose a creature type, you may choose Time Lord.

Unlike other creature types in Magic that are each only one word, the two words "Time Lord" represent a single creature subtype. Time Lord is the only two-word creature type.

If a spell or ability requires multiple players to face a villainous choice, the result is a little different from other effects in Magic. In that case, the first player in turn order makes their choice and the action for that choice is performed before the next player makes their choice. Then each of the remaining players repeat this process in turn order.

A player facing a villainous choice can always choose either option, even if one or both of the options are impossible. For example, if one of the options is to sacrifice a creature, a player who controls no creatures can still choose that option.

Neither "Time" nor "Lord" are creature types. Some older cards were printed with the subtype "Lord," but all of those cards have updated Oracle card text that removed that type.