What Does the Legal Term Exercise Mean
to use. Therefore, to exercise a right or a power is to do something that allows the holder to do. U. S. v. Souders, 27 Fed. Cas. 1267; Cleaver v. Comm., 34 p. 284; Custom v. Glashütte, 95 Ga. 573, 23 S. E.
128. To exercise dominion over the land is to openly show absolute ownership and control. to use. The exercise of a right or power therefore means doing something that allows its holder to do so. n. the right to acquire property or to require others to act on agreed terms. An option is paid under a contract, but must be “exercised” in order to purchase the property or demand performance from the other party. The “exercise” of an option generally requires notification and payment of the contract price. Thus, a potential buyer of a parcel could pay $5,000 for the option, which gives them a deadline to decide whether to buy, lock up the property for that period, and then pay $500,000 for the property. When the period for exercising the option expires, the option ends. The amount paid for the option itself is not refundable because the funds purchased the option, whether it was exercised or not.
Often, an option is the right to renew a contract, such as a lease, the broadcast of a television series, the employment of an actor or athlete, or another existing business relationship. A lease option agreement provides for the lease of real estate with the right to acquire the property during or after the expiry of the lease. The exercise of discretion means between doing and not doing something, the decision being based on good judgment. Supported by Black`s Law Dictionary, Free 2nd ed., and The Law Dictionary. Acting, practising or using violence; to make use of something, such as a right or an option.