(1) An agreement modifying a contract within this article needs no consideration to
(2) A signed agreement which excludes modification or rescission except by a signed
writing cannot be otherwise modified or rescinded, but except as between merchants
such a requirement on a form supplied by the merchant must be separately signed by
the other party.
(3) The requirements of the statute of frauds section of this article (section 490:2-201) must be satisfied if the contract as modified is within its provisions.
(4) Although an attempt at modification or rescission does not satisfy the requirements
of subsection (2) or (3) it can operate as a waiver.
(5) A party who has made a waiver affecting an executory portion of the 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.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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