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In this video, Michelle explains the concept of a waiver, which is often found in legal documents, particularly related to banks and settlements. A waiver involves several key elements to be valid: it must be a present relinquishment of a known right, meaning it pertains to a right currently held rather than a potential future claim. Additionally, the individual must be aware of what they are waiving, and this should be clearly outlined in the document prior to signing. In essence, a waiver signifies the voluntary giving up of an existing right.
