Which of the following best describes the 'voluntary relinquishing of legal rights'?

The term that best describes the "voluntary relinquishing of legal rights" is a waiver. A waiver is a legal concept where an individual intentionally gives up a right or privilege. This act typically must be done knowingly and voluntarily, often to enable a particular action or agreement without the risk of later asserting that right. In many legal contexts, waivers are used to ensure that all parties are aware of and agree to the terms involved, reducing potential disputes over those rights in the future.

In contrast, informed consent involves understanding and agreeing to something after being fully informed of the related risks and implications, which is a different concept focused on the acknowledgment of risks rather than the relinquishment of rights. A mandatory obligation refers to a requirement that must be fulfilled and does not imply any relinquishment of rights. Indemnity pertains to compensation for harm or loss, further diverging from the concept of relinquishing rights. Thus, 'waiver' is the most accurate choice for describing the voluntary act of giving up legal rights.