ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Waiver is an intentional relinquishment of a known right or advantage, benefit, claim or privilege which except for such waiver the party would have enjoyed. Waiver can also be a voluntary surrender of a right.

Detailed explanation-2: -Waiver is the intentional relinquishment of a known right and, in the context of contracts, occurs when one party to a contract either explicitly repudiates its rights under the contract or acts in a manner inconsistent with an intention of exercising them.

Detailed explanation-3: -It is an act of voluntarily giving up a right, and can apply to a variety of legal situations including knowingly giving up a legal right such as a speedy trial, a jury trial, giving up some rights in a settlement talk, or not enforcing a term of contract.

Detailed explanation-4: -A release and waiver agreement is an enforceable promise not to pursue legal action in exchange for compensation. The releasee gives money or some other form of compensation to the releasor, who then agrees not to press charges, sue, or take any other legal action against the releasee.

Detailed explanation-5: -noun Law. 1. an intentional relinquishment of some right, interest, or the like. 2. an express or written statement of such relinquishment.