57A-2A-208 Modification, rescission and waiver.
Modification, rescission and waiver.
An agreement modifying a
lease contract needs no
consideration to be binding.
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writing may not be otherwise modified or rescinded, but, except as between merchants,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
Although an attempt at modification or rescission does not satisfy the requirements of
subsection (2) of this section, it may operate as a waiver.
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.
SL 1989, ch 419, § 1.