Revocable: meaning, definitions and examples

Etymology

• The term comes from the Latin word 'revocabilis,' which means 'able to be revoked'.
• The prefix 're-' in 'revocable' suggests going back or repeating, while '-able' indicates the ability to do something.

Law

• In legal contexts, revocable agreements allow one or both parties to change their terms or even cancel the agreement.
• Examples include revocable trusts, where the person creating the trust retains control and can modify it at any time.

Finance

• Certain types of financial options or loans can be revocable, meaning they can be called back by the lender.
• For instance, a revocable line of credit allows the borrower to withdraw funds as needed until the lender withdraws this option.

Psychology

• The concept of revocability can affect decision-making; knowing an option can be taken back might lead to more risk-taking behavior.
• Studies suggest that people are often more satisfied with decisions that they know are revocable, leading to less regret.

Technology

• In software development, certain permissions and settings may be designed as revocable, allowing users to change access as needed.
• Revocable features in apps can enhance user experience by enabling quick adjustments without major disruptions.