The giving up of a known or legally enforceable right

The giving up of a known or legally enforceable right

• A. Waiver
• B. Estoppel
• C. Warranty
• D. Representation

Answer: (A)

Waiver is the voluntary relinquishment of a known or legally enforceable right. It happens when a party knowingly gives up a claim, remedy, or provision that could be enforced, and this relinquishment can prevent that right from being invoked later. In insurance terms, this might occur if an insurer or insured accepts a late payment or a deviation from a policy condition with no objection, effectively waiving the right to enforce that condition in the future. This is different from estoppel, which arises to prevent someone from asserting a claim because their prior conduct led another to rely on it; it isn’t about giving up a right. A warranty is a contractual promise about a fact or condition that, if breached, triggers remedies but does not involve surrendering a right. A representation is a statement of fact used to induce a contract; false representations can lead to misrepresentation claims, not a voluntary surrender of rights. So the concept described is waiver.

Waiver is the voluntary relinquishment of a known or legally enforceable right. It happens when a party knowingly gives up a claim, remedy, or provision that could be enforced, and this relinquishment can prevent that right from being invoked later. In insurance terms, this might occur if an insurer or insured accepts a late payment or a deviation from a policy condition with no objection, effectively waiving the right to enforce that condition in the future. This is different from estoppel, which arises to prevent someone from asserting a claim because their prior conduct led another to rely on it; it isn’t about giving up a right. A warranty is a contractual promise about a fact or condition that, if breached, triggers remedies but does not involve surrendering a right. A representation is a statement of fact used to induce a contract; false representations can lead to misrepresentation claims, not a voluntary surrender of rights. So the concept described is waiver.