leeway

Leeway is the amount of freedom that you have to do something or to deviate in some manner. (noun)

When you are free to wear anything you want to work, this is an example of a situation where there is a lot of leeway in the dress code.
When you have a lot of money in the bank, this is an example of a situation where you have financial leeway in case something goes wrong.

See leeway in Webster's New World College Dictionary

See leeway in American Heritage Dictionary 4

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