How do I open the context menu from a Mac keyboard?

In Windows, one can hit Shift+F10 to access the "Context Menu." But a similar keyboard action doesn't seem possible on Mac. One potential application... When I make a spelling error in a document, Lion gives me the option to correct the error by right-clicking (or ctrl-clicking, two-finger tapping, etc) on the misspelled word and bringing up the context menu. How can I open this menu from the keyboard? And is it possible to access the Context Menu from a Mac keyboard?