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To put into action, practice, or force; to make use of something, such as a right or option.

To exercise dominion over land is to openly indicate absolute possession and control.

To exercise discretion is to choose between doing and not doing something, the decision being based on sound judgment.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Schneider and Schwartz are now responsible for all operating expenses since they exercised the option.
Alternatively, she would have avoided the loss of most of her exercise price and all of the AMT tax debt if she had simply never exercised the options. Unfortunately, the tax law motivated Mary to shun both of these strategies.
Either type can be a blessing or a curse this tax season, depending upon when you exercised the options and sold the underlying shares.
She later exercised the options, and the corporation issued a form 1099 to the ex-husband showing the bargain element (the difference between the stock's fair market value and the exercise price) as compensation income.