IPA: /dɪˈfiːzəˌbɪlɪti/
KK: /dɪˈfiːzəˌbɪlɪti/
The condition of being able to be annulled or invalidated; it refers to something that can be undone or revoked under certain circumstances.
The defeasibility of the contract allows either party to withdraw under specific conditions.
Defeasibility is formed from "defeas-" (from Latin "defeasare", meaning to undo or annul) and "-ibility" (from Latin "-ibilis", meaning capable of). The word refers to the quality of being capable of being undone or annulled.
Think of something that can be 'undone' ('defeas-') and is 'capable of' ('-ibility') being reversed — that's what defeasibility means.