Contracts
What is 'waiver' in the context of Delaware real estate contracts?
AThe forfeiture of earnest money for breach
BThe voluntary relinquishment of a known contractual right, which may occur expressly or by conduct inconsistent with asserting the right✓ Correct
CA formal release from contractual obligations issued by the Commission
DThe seller's right to reject an inadequate offer
Explanation
Waiver is the intentional relinquishment of a known right. A party who fails to enforce a contract right may be deemed to have waived it. For example, repeatedly accepting late rent payments may waive the right to enforce the on-time payment clause.
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