Legal Definitions - Revocation

Revocation is when a statement or agreement is cancelled or annulled. This can happen in different contexts:

In contracts, revocation can refer to the offeror cancelling an offer before it is accepted. For example, if someone offers to sell you a car for $10,000, but then changes their mind and takes back the offer before you say you want to buy it, that's revocation. Another example is when a buyer rejects goods that don't meet the contract specifications, such as if they ordered a red car but got a blue one instead.

In wills, revocation means that the testator (the person making the will) invalidates a previous will by making a new one or modifying an existing one. For example, if someone writes a will leaving all their money to their spouse, but then later writes a new will leaving everything to their children, the first will is revoked.

In trusts, revocation refers to the settlor (the person creating the trust) terminating a revocable trust or revocable living trust. This means that they cancel the trust and take back any assets that were in it.

Overall, revocation means that something that was agreed upon or established is cancelled or taken back.