FindLaw Legal Dictionary
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1 : the discharge of an official function or professional occupation
2 : the act or an instance of carrying out the terms of an agreement (as an option)
1 : to make effective in action [exercising power]
2 : to bring to bear [ influence]
3 : to implement the terms of (as an option)
ex·er·cis·able [ek-sər-sī-zə-bəl, ek-sər-sī-]
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.