Waiver by estoppel
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The other kind of waiver. The difficult one. Though not as perilous as your earnest counsel may have you believe.
Waiver by estoppel is when a party is entitled to exercise close-out rights, but by conduct leads the offending party to believe it will not. It is an outflowering of the great case of Hughes v Metropolitan Railway (1877) 2 App. Cas. 439
See also
- Waiver | Waiver by election | Waiver by estoppel
- Course of dealing under the Uniform Commercial Code
- Estoppel
- No waiver boilerplate clause