Final answer:
The Ultima Palabra is a variation of the classic cocktail known as the Last Word, which is a mix of gin, green Chartreuse, maraschino liqueur, and lime juice.
Step-by-step explanation:
The classic cocktail that the Ultima Palabra is based on is the Last Word. The Last Word is a prohibition-era cocktail that traditionally consists of gin, green Chartreuse, maraschino liqueur, and fresh lime juice. The name Ultima Palabra translates from Spanish to 'Last Word,' indicating that it is a variation or a take on the original recipe. This cocktail is well-known for its balance of sweet, sour, and strong flavors.