Where a put option deed defines 'Notice of Exercise' as a notice in a specific form set out in a schedule, and the form is prescriptive and substantially complete, the scheduled form is the exclusive mode of exercise and strict compliance is required. A notice that makes no attempt to conform to the scheduled form is ineffective, even if a reasonable recipient would have understood it as an exercise of the option. However, trivial departures such as misspelling or punctuation errors may be tolerated. The commercial context — including the nature of the put option as a unilateral instrument imposing obligations on the grantor and the existence of related instruments requiring strict compliance — is relevant to the construction.
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