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In this video, Michelle discusses the concept of a waiver. A waiver is a legal term that can appear in various documents, such as bank agreements or settlement claims. For a waiver to be valid, it must involve the present relinquishment of a known right—not a future right. This means that the individual must currently possess the right being waived and must do so knowingly. The details of what is being waived should be clearly stated in the document before signing. Overall, a waiver signifies the voluntary abandonment of a right that one is aware of at the time of signing.