WAIVER
Renouncing
or disclaiming of a benefit derivable from a contract. A right to
insist on performance of the contract at the agreed time is binding
on the party at whose insistence it is granted Dowling
v Rae
(1927) 39CLR 368 and generally the party who grants it. Must be an
intentional act with knowledge. A waiver can be withdrawn by
reasonable notice.
Compare
with estoppel.