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Waiver is abndonment of performance and is laid down in Sec. 63 of the Contract Act. This is an unilateral act of the promisee, so no fresh agreement is not required. Example: A was to supply 100 bags of rice of a perticular quality B. B later on came to know that A will suffer heavy loss, if he performs the obligation, B may chose not to insist on performance and discharge A from the obligations of the contract.

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