What is the term used to describe giving up a right or privilege?

The term that describes the act of giving up a right or privilege is "waiver." A waiver is a voluntary relinquishment of a known right, which may occur in various legal and contractual contexts. For example, when a party to a contract chooses not to enforce a particular provision, they effectively waive that right. This concept is important in law and insurance, as understanding the implications of waiving certain rights can significantly affect a party’s position.

In contrast, estoppel refers to a legal principle that prevents someone from arguing something contrary to a claim they previously made, especially if that claim was relied upon by others. Revoke typically means to take back or withdraw something that was previously granted, while release usually involves the relinquishing of claims or liability, but it is often more specific to a legal context regarding claims rather than a general right or privilege.

By understanding these distinctions, it becomes clearer why "waiver" is the most appropriate term for giving up a right or privilege.