Which term refers to a waiver that limits liability for inherent risks in an activity?

The correct answer refers to a legal document known as a release of liability. This type of waiver is specifically designed to limit the liability of one party for risks that are inherent to a particular activity. By signing a release of liability, the participant acknowledges the risks involved and agrees not to hold the organizer or provider responsible for any injuries or damages that may occur as a result.

Typically used in contexts such as sports, recreational activities, and various physical events, a release of liability helps protect businesses and organizations from lawsuits stemming from accidents that are a normal part of participating in these activities. Individuals are often asked to sign such releases to confirm their understanding and acceptance of the inherent risks involved.

In contrast, other terms either do not serve a similar function or do not directly address the limitation of liability. Informed consent is more about ensuring that participants understand the nature of an activity, but it doesn't necessarily limit liability. Accord and satisfaction pertains to the resolution of a contract dispute rather than waiving liability risks. Assumption of risk involves acknowledging and accepting the risks of an activity, which can be a component of a release, but it does not formally limit liability in the same way that a release of liability does.