47-2A208. Modification, rescission and waiver
A. An agreement modifying a lease contract needs no consideration to be binding.
B. A signed lease agreement that excludes modification or rescission except by a signed writing may not be otherwise modified or rescinded, but, except as between merchants, such a requirement on a form supplied by a merchant must be separately signed by the other party.
C. Although an attempt at modification or rescission does not satisfy the requirements of subsection B, it may operate as a waiver.
D. A party who has made a waiver affecting an executory portion of a lease contract may retract the waiver by reasonable notification received by the other party that strict performance will be required of any term waived, unless the retraction would be unjust in view of a material change of position in reliance on the waiver.
Section: Previous 47-2a109 47-2a201 47-2a202 47-2a203 47-2a204 47-2a205 47-2a206 47-2a208 47-2a209 47-2a210 47-2a211 47-2a212 47-2a213 47-2a214 47-2a215 NextLast modified: October 13, 2016