Revocability

Revocability refers to the capacity or possibility of something being canceled, annulled, withdrawn, rescinded, or voided. It describes the quality of an agreement, permission, law, or action that is not permanent and can be changed or nullified in the future. This characteristic often depends on specific conditions, legal frameworks, or the will of the parties involved. High revocability suggests flexibility and the ability to adapt to changing circumstances, whereas a lack of revocability implies permanence and stability. The context determines the importance of revocability, with some situations requiring unwavering commitments, while others benefit from adaptable provisions.

Revocability meaning with examples

• The contract had a clause stating the revocability of the agreement. The parties understood that, under specific circumstances, the contract's terms could be altered, emphasizing flexibility. Both sides agreed to allow for the future negotiation of certain clauses, recognizing the potential for unforeseen changes. revocability was crucial due to uncertain market conditions that may demand changes.
• Before investing, the investor carefully examined the revocability of the financial instrument. The option to withdraw funds without penalty provided the reassurance needed for volatile market conditions. The degree of revocability significantly impacted the investor's risk tolerance and their comfort level. This potential to exit the investment early offered safety.
• The permit's revocability worried the developer. A change in local regulations could cause the permit to be withdrawn or altered. The developer assessed the likelihood of the permit's nullification, considering political and environmental factors. Concerns existed that actions by opponents could diminish the permit's usefulness.
• The policy document clearly outlined the revocability of specific benefits. The company reserved the right to adjust the benefits based on performance and financial health. The employees carefully considered the potential impact of any revisions. The lack of permanency ensured flexibility but generated some concern.
• The testament’s revocability allowed the testator to change their wishes at any time. Throughout their life, they could modify the will. This revocability offered the flexibility to respond to evolving personal circumstances. It also enabled adjustments to account for heirs' changing situations.