What does 'waiver' refer to in a contractual context?

In a contractual context, a waiver refers to a deliberate decision by one party to relinquish or forego a right, claim, or privilege they are entitled to under the terms of the contract. This means that one party may choose not to enforce certain rules, obligations, or provisions that they would typically have the right to enforce. For instance, if a party does not insist on strict compliance with a contractual term, such as a deadline or a specific condition, they may be seen as waiving that right. This act of waiving rights does not cancel the contract itself or negate its existence; rather, it adjusts the enforcement of certain aspects of the agreement.

In contrast, the other options involve different concepts that do not accurately describe a waiver. Refusing to negotiate indicates a lack of willingness to engage changes, while a decision to cancel a contract would end the contractual relationship entirely. A request for additional terms relates more to modification or expansion of the agreement rather than the act of giving up existing rights within it. Therefore, the definition of waiver aligns with the idea of choosing not to enforce established rules within the context of a contract.