What is the process by which an individual relinquishes their rights to a previously accepted contract?

The process of relinquishing one's rights to a previously accepted contract is known as renunciation. This term specifically refers to the voluntary relinquishment of a known right or the abandonment of a legal claim or contract. In the context of contracts, when a party opts to not enforce their rights or to withdraw from the agreement, they are effectively renouncing their ability to benefit from or enforce the contract going forward.

Modification refers to making changes to the terms of the contract, which does not involve giving up rights but rather altering them. Rectification involves correcting an error in the contract to reflect the true intentions of the parties, and affirmation is the act of confirming or agreeing to the terms of a contract that one might otherwise want to cancel. Thus, these options do not capture the idea of relinquishing rights in the context of contractual agreements as effectively as renunciation does.