In theory, the idea of Jane Fonda, Catherine Keener and Elizabeth Olsen playing three generations of women in the same family should be delightful, or at least well-acted.

In reality, veteran director Bruce Beresford’s dramedy “Peace, Love & Misunderstanding” squanders the abilities of these usually fearless, formidable actresses with material that’s entirely predictable and a high sap factor that belongs in a made-for-cable production. Before we arrive at such mawkishness, though, we must slog through some seriously sitcommy humor: generational clashes, fish-out-of-water antics and tired hippie-culture cliches.