Which of the following legal concepts is most similar to the doctrine of waiver?

• A. Breach of warranty
• B. Estoppel
• C. Misrepresentation
• D. Concealment

Answer: (B)

Waiver is the voluntary relinquishment of a known right. When someone gives up a right and the other party relies on that relinquishment, fairness can prevent the waiving person from later insisting on that right again. Estoppel captures this idea because it blocks a party from contradicting an earlier position or conduct if someone else has relied on it to their detriment. In practice, if a policyholder or insurer waives a provision and the other side acts on that waiver, estoppel can prevent later enforcement of the original right or provision.

The other options describe creating or hiding facts or failing to meet promises, not the preclusion of a right based on prior conduct. Breach of warranty, misrepresentation, and concealment involve how terms or facts were handled in forming the contract, rather than the protective effect of a prior relinquishment on later rights.