waiver

The Doctrine of Waiver is a set of rules of law that commonly apply to contracts, but apply across many areas of law. A waiver may relate to a forbearance from exercising a right or an abandonment of a right. In either case, the person has waived their right to enforce the term, and the legal rights of the party waiving their rights have been lost.

A party relinquishes a legal right when they make an informed choice by their words or conduct in respect to two or more courses of action, in circumstances recognised at law. In the context of commercial contracts, waiver alters legal obligations whereby a person may be prevented from asserting a legal right (waiver by election) or raising a defence that would otherwise be available to them.

Usage: The contracting party waived their rights to damages by their conduct.

Related Words: contract; agreement; estoppel in pais.