elastic
adjective(e-las-tic)
able to adjust readily to different conditions
Examples:
An elastic clause in a contract. 
elastic
noun(e-las-tic)
a narrow band of elastic rubber used to hold things (such as papers) together
Synonyms: elastic band, rubber band, 
elastic
noun(e-las-tic)
a fabric made of yarns containing an elastic material
elastic
adjective(e-las-tic)
capable of resuming original shape after stretching or compression; springy
Examples:
An elastic band. 
A youthful and elastic walk.