Waiver or Release from Contract

The video tutorial explains the concepts of waivers and releases in contract law. A waiver occurs when a party intentionally relinquishes their right to enforce a contract, typically after a failure to perform. In contrast, a release occurs when a party is freed from their obligation to perform under a contract, usually before performance begins. Although these terms are closely related and often used interchangeably, they differ in timing and application. The tutorial clarifies these differences and provides examples of each scenario.

What is the primary difference between a waiver and a release in the context of contracts?

In what situation does a waiver typically occur?

Can you explain how a waiver might be applied after a party fails to perform their obligations?

How does a release differ in timing compared to a waiver?

What does it mean for a party to be released from their obligations under a contract?