What best describes a revocable contract?

A revocable contract is best described by the idea that it may be terminated by the purchaser. This characteristic means that the individual who entered into the agreement retains the right to cancel or modify the contract before it is fulfilled or finalized. In the context of funeral services or other transactions where revocability is a consideration, this allows for flexibility if circumstances change or if the purchaser decides the terms are no longer suitable.

Understanding the nature of a revocable contract is essential, particularly in industries like funeral services, where emotional and financial circumstances may lead to changes in decisions after the initial agreement. This contrasts with characteristics of irrevocable contracts, which bind the parties involved without an option for cancellation or changes, creating a permanent obligation. The other options suggest permanence or rigidity in the contract terms, which does not align with the fundamental nature of a revocable agreement.