What term describes the voluntary renunciation of a claim, right, or privilege?

The term that accurately describes the voluntary renunciation of a claim, right, or privilege is 'waiver'. A waiver occurs when a person intentionally relinquishes their right or claim, often in a legal context, where one party may choose not to enforce a right or let go of certain legal claims. This action does not necessarily imply the transfer of the right to another party; instead, it is the individual’s decision to forgo it entirely.

The other terms, while related, do not precisely capture this concept. A release generally refers to the act of freeing someone from a liability or obligation, often through a formal document, and implies a more comprehensive relinquishment of rights related to a specific matter. Renouncement more typically indicates the formal rejection of a claim or position, while consent involves granting permission or agreement rather than relinquishing a right. Therefore, the focus on the voluntary nature of renouncing a claim or right aligns closely with the definition of a waiver, making it the correct choice in this context.