In this paper we consider, in a bounded and smooth domain, the wave equation with a delay term in the boundary condition. We also consider the wave equation with a delayed velocity term and mixed Dirichlet-Neumann boundary condition. In both cases, under suitable assumptions, we prove exponential stability of the solution. These results are obtained by introducing suitable energies and by using some observability inequalities. If one of the above assumptions is not satisfied, some instability results are also given by constructing some sequences of delays for which the energy of some solutions does not tend to zero.