- The act of performing a professional duty or an official role
- Carrying out the specific terms stated in a contract or an agreement
- Transforming a potential right into an active one
- Applying a right, law, or rule
- Implementing the specific conditions of a contract or agreement
- The manager had the right to exercise her authority to resolve company disputes.
- Upon selling his business, Tom was able to exercise his option to work as a consultant for the firm.
- The tenant decided to exercise the buyout clause in the lease agreement.