Cancellable contracts have the following three characteristics:
 First, a revocable contract is not the true intention of the parties to the contract. It means that when the contract is signed or the content of the contract does not meet the personal wishes of the parties to the contract, the parties may sign the contract for some reason rather than voluntarily, such as being coerced into fraud, forced to sign the contract because of serious misunderstanding or taking advantage of people's difficulties, the contract can be revoked;
 Second, whether the party to the contract who has the right to cancel the contract should cancel the contract is up to him. He does not have to cancel the contract, but respects his personal will. If the party does not make a request for the withdrawal of overseas Chinese, the law does not impose intervention;
 Third, a contract is still valid until it is revoked, and the parties should still perform their contractual obligations. Only when the cancellation right holder exercises the cancellation right can the contract be invalid from the beginning, without legal consequences.
 One party shall have the right to request the people's court or arbitration institution to modify or cancel the following contracts:
 1. A contract concluded due to a major misunderstanding. A major misunderstanding refers to the behavior that the perpetrator, due to his wrong understanding of the nature of the behavior, the other party, the variety, quality, specification and quantity of the subject matter, causes the consequences of the behavior to contradict his own meaning, and causes great losses.
 2. Contract concluded due to obvious unfairness. Evident unfairness refers to a contract concluded by one party under urgent or inexperienced circumstances, if the performance of which is materially adverse to it.
 3. A contract concluded by fraud. Fraud refers to the act of one party deliberately informing the other party of false information, or deliberately concealing false information to induce the other party to make a wrong declaration of intention.
 4. A contract concluded under duress. Coercion refers to the act of making an untrue declaration of intention due to the threat and coercion of others.
 5. A contract concluded by taking advantage of a person's difficulties. Taking advantage of a person's difficulties means that the actor uses the other party's urgent needs or dangerous situation to force him to make a declaration of intention contrary to his original intention and accept his very unfavorable conditions.
 [Legal Basis]
 Article 147 of the Civil Code states that the perpetrator has the right to request the people's court or arbitration institution to revoke a civil legal act based on a major misunderstanding.