waive / wave are similar-sounding terms with different meanings (referred to as homophones). To better understand the differences, see below for definitions, pronunciation guides, and example sentences using each term. 👇
waive: (verb) do without or cease to hold or adhere to.
wave: (noun) one of a series of ridges that moves across the surface of a liquid (especially across a large body of water). (noun) a movement like that of a sudden occurrence or increase in a specified phenomenon. (noun) (physics) a movement up and down or back and forth. (noun) something that rises rapidly. (noun) the act of signaling by a movement of the hand. (noun) a hairdo that creates undulations in the hair. (noun) an undulating curve. (noun) a persistent and widespread unusual weather condition (especially of unusual temperatures). (noun) a member of the women's reserve of the United States Navy; originally organized during World War II but now no longer a separate branch. (verb) set waves in.
waive: w·EY·v
wave: w·EY·v
(Examples are Wikipedia snippets under the CC ShareAlike 3.0 license. Definitions drawn from WordNet.)