Definition§
A waiver is the intentional and voluntary relinquishment or surrender of some known right or privilege. This can happen through an express agreement or by behaviors and circumstances that imply such a relinquishment. Once a waiver is established, the party that waived its rights cannot later claim that right or privilege.
Examples§
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Express Waiver: If a landlord explicitly states that they will not enforce a late fee for a tenant’s overdue rent payment this month, this constitutes an express waiver of the landlord’s right to impose that fee for the noted period.
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Implied Waiver: A company consistently accepts late payments from a contractor without objection. Over time, this conduct may be interpreted as an implied waiver of the company’s right to demand timely payments.
Frequently Asked Questions (FAQs)§
What is the difference between an express waiver and an implied waiver?§
- An express waiver is explicitly stated either in writing or orally, while an implied waiver arises from actions, behavior, or circumstances that indicate a relinquishment of a right.
Can a waiver be revoked?§
- Once a waiver has been established, it generally cannot be revoked. However, this can depend on specific terms agreed upon or contextual factors that might allow revocation.
How can one prove that a waiver has occurred?§
- A waiver can be proven by providing evidence of an express agreement or demonstrating consistent behavior that clearly shows intention to relinquish a right.
Is a waiver legally binding?§
- Yes, once a waiver is made, it is legally binding and the party that waived its rights cannot later assert that right unless certain exceptions or terminative conditions apply.
What are common scenarios where waivers are used?§
- Common scenarios include contract disputes, financial agreements, lease agreements, insurance policies, and even sports and recreational activities.
Related Terms§
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Release: A contract in which one party relinquishes their right to pursue a claim against another party.
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Estoppel: A legal principle that bars a party from arguing something contrary to a claim made or right relinquished in a previous verbal or written statement.
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Forfeiture: The loss of a right, property, or money because of a breach of legal obligation.
Online References§
Suggested Books for Further Studies§
- “Understanding Contracts” by Jeffrey Ferriell
- “Business Law: Text and Cases” by Kenneth W. Clarkson
- “Contracts: Examples & Explanations” by Brian A. Blum
- “Principles of Contract Law” by Steven J. Burton
Fundamentals of Waiver: Business Law Basics Quiz§
Thank you for exploring the intricate realm of waivers and testing your understanding through our comprehensive quiz questions. Cultivating knowledge in business law helps secure better decision-making and legal compliance!
