See also Calendar can't save event to Exchange Server, SOAPWebServicesErrorDomain Code=-997
Microsoft has opened a case under EX44658 but i am not the account tennant admin, so i cannot see any details in Microsoft SHD.
Check out the Microsoft Office 365 support forums.
This Issue appears to be triggered by (a) specific event/entry type in Exchange. I have already wiped all Caches/Saved files/Configs from OS X and re-connected to the Exchange server with the same error: Calendar apparently cannot parse an Event via SOAP over EWS interface.
It looks like Apple needs to fix Calendar.app to correctly parse this event type, because somehow i don't think microsoft will remove it from their EWS SOAP interface.
But i am guessing here based on the Error message from Calendar, and i could be completely wrong.
At least Microsoft has already escalated this issue to technical support and is investigating.
ℹ In the Meantime: As a workaround for those Office365 Subscribers with Outlook entitlement can download and install Microsoft Outlook for Mac (activated by their Office365 Subscription). This allows them to accept/modify/save calendar events until this issue is fixed (by either MS or Apple).
All others have to use Outlook Web Access or their iOS devices (or third party Calendar applications with EWS/ActiveSync support).