What does the term “waived” specifically refer to in the context of purchase contracts?

In the context of purchase contracts, the term "waived" specifically refers to choosing not to enforce specific conditions outlined in the agreement. Waiver signifies that a party opts to relinquish a right or a claim, usually a condition that must be met for the contract to proceed. For instance, a buyer may waive their right to conduct an inspection within a specified period, thereby allowing the purchase to move forward without fulfilling that particular condition. This action should be clearly documented in order to avoid misunderstandings about what rights or protections have been surrendered during the transaction process.

The other options, such as cancellation of the contract or abandoning the sale, imply a termination of the contract rather than a selective allowance of certain conditions. Requests for contract modification indicate a desire to change the terms but do not pertain directly to the concept of waiving rights or conditions within an existing contract. Thus, the meaning of "waived" is distinctly associated with the decision to not enforce parts of the agreement.