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 A waiver can be withdrawn by reasonable notice.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.