Other forms: leeways
Leeway is a term used to describe the amount of freedom available. If you know you have a paper due on Monday, you might ask your teachers if there is any leeway––could you, say, bring it first thing Tuesday morning?
Leeway is a nautical term, referring to a vessel's drift to the lee, (nautical for "downwind"). Now, it is very useful in describing those gray areas in life––for example, everyone has a ten-minute leeway when meeting friends where you're not officially late, even if you're not actually on time.