BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Detailed explanation-1: -Under the Contract Law, waiver is a method by which the promisee (person to whom a promise was made) with his free consent, extinguishes the obligations which are to be performed by the promisor (person who makes the promise).
Detailed explanation-2: -As per section 63 of the act, a contract may be discharged by agreement between the parties to waive their rights arising from the contract. Thus, in case of waiver, the person who is entitled to any right under the contract, intentionally relinquishes them without consideration and without a new agreement.
Detailed explanation-3: -According to Black’s Law Dictionary the term ‘waive’ means the voluntary relinquishment or abandonment-express or implied-of a legal right or advantage. Before waiving a right, the party needs to have the knowledge of the right or the intention of waiving the right.