What does cancellable contract mean?

cancellable contract meaning in Law Dictionary

agreement which may be cancelled anytime without penalty typically needs some times' notice by the celebration cancelling ahead of the agreement is terminated.

cancellable contract meaning in Business Dictionary

1. Company: Any contract or lease that will, with a few prior notice, be rescinded for explanation and without punishment. 2. Insurance: An insurance policy with a provision that allows the supplier to change the protection or premiums with the addition of restrictions or exclusions.