Updated: Aug 20, 2021

Where one person waives his rights in a contract, this is known as a waiver. Though an alteration of an existing contract, it is in effect a new agreement and requires consideration if it is to be enforceable at law.

Reference: The Penguin Business Dictionary, 3rd edt.

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James Knight
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James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.