Final answer:
A contingency included for the mutual benefit of both the buyer and seller can be waived by reaching a mutual agreement between the two parties in a business transaction.
Step-by-step explanation:
In the context of business, a contingency included for the mutual benefit of both the buyer and seller can be waived by reaching a mutual agreement between the two parties. This means that both the buyer and the seller agree to waive the contingency and proceed with the transaction without it.
For example, let's say a buyer agrees to purchase a house with the condition that a home inspection is conducted and any necessary repairs are made. If the buyer is confident in the condition of the house and wants to waive this contingency, they can negotiate with the seller to remove it from the contract.
It's important to note that waiving a contingency is a decision that should be considered carefully, as it may entail certain risks for both the buyer and the seller.