• Waiver

    (in the context of contracts)
    The intentional renunciation of some legal right or immunity. An express waiver is actually declared. An implied waiver is to be understood from the actions of the party in question. A waiver of a breach of contract is an affirmation of the contract which destroys any rights to rescind the contract and sue for damages. A waiver by an employer for a debt (a debt waiver) by an employee in respect of the employment gives rise to a taxable fringe benefit.

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