Final answer:
The intentional act of relinquishing a known right, claim, or privilege is called waiver or renunciation.
Step-by-step explanation:
The intentional act of relinquishing a known right, claim, or privilege is called waiver. It is the voluntary surrender of a legal or contractual right.
For example, if a person signs a waiver form before participating in a dangerous activity, they are giving up their right to hold the organizers liable in case of injury.
Another related term is renunciation, which refers to the formal surrender or rejection of a particular right or claim, often in a legal or religious context.