What is the term for refraining from exercising a legal right?

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Refraining from exercising a legal right is forbearance. It means choosing not to enforce or act on a right, often willingly or by agreement for a period of time. In practice, a lender might grant forbearance on a loan, delaying collection or foreclosure to help the borrower get back on track. This is different from abstention, which is simply choosing not to participate in an activity; reprieve, a delay or pardon in punishment in criminal contexts; and forfeiture, the loss of a right or property due to violation or noncompliance.