Is it possible for a party that has waived rights to a portion of the contract not yet performed to retract the waiver? How?

Question

Quizplus · Accepted Answer

The party can retract the waiver by giving reasonable notice to the other party that strict performance will be required. However, this may only be possible if the other party has not relied on the waiver to their detriment. If the other party has already taken action or made decisions based on the waived provision, it may be unfair to retract the waiver. Option A is incorrect because re-asserting the right to late payments does not necessarily mean canceling the contract. Option C is incorrect because a party may still cancel the contract even after waiving rights, as long as it is allowed under the contract terms. Option D is not relevant to the question.

Is It Possible for a Party That Has Waived Rights