Will lowering the action on my guitar automatically loosen the string tension? I noticed that my friend's guitar is a lot easier to bend strings on. The strings feel looser on his. Is there a term for this?
Lowering the action will loosen the strings, but they will come back to the same tension once you've re-tuned the guitar.

String tension is relative to three things:

1) Tuning (Drop C tuning is going to feel looser than standard or even open G.)

2) String guage (Lighter strings (your standard 9-42s) will feel looser and easier to bend than SRV's 13s...)

3) Scale length (Longer scale length will results in heavier feeling strings. A pack of regular 10s on a Les Paul will feel looser an lighter than if you strung tied them onto a Strat...

I hope that clears things up...

- Rich