12A:2A-505. Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies
12A:2A-505. Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies.
(1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives, and the cancelling party also retains any remedy for default of the whole lease contract or any unperformed balance.
(2) On termination of the lease contract, all obligations that are still executory on both sides are discharged but any right based on prior default or performance survives.
(3) Unless the contrary intention clearly appears, expressions of "cancellation," "rescission," or the like of the lease contract may not be construed as a renunciation or discharge of any claim in damages for an antecedent default.
(4) Rights and remedies for material misrepresentation or fraud include all rights and remedies available under this chapter for default.
(5) Neither rescission nor a claim for rescission of the lease contract nor rejection or return of the goods may bar or be deemed inconsistent with a claim for damages or other right or remedy.
L.1994,c.114,s.1.
Section: Previous 12a-2a-405 12a-2a-406 12a-2a-407 12a-2a-501 12a-2a-502 12a-2a-503 12a-2a-504 12a-2a-505 12a-2a-506 12a-2a-507 12a-2a-508 12a-2a-509 12a-2a-510 12a-2a-511 12a-2a-512 Next
Last modified: October 11, 2016