400.2A-208. Modification, rescission and waiver. - Missouri Statutes

Modification, rescission and waiver.

400.2A-208. (1) An agreement modifying a lease contractneeds no consideration to be binding.

(2) A signed lease agreement that excludes modification orrescission except by a signed writing may not be otherwisemodified or rescinded, but, except as between merchants, such arequirement on a form supplied by a merchant must be separatelysigned by the other party.

(3) Although an attempt at modification or rescission doesnot satisfy the requirements of subsection (2), it may operate asa waiver.

(4) A party who has made a waiver affecting an executoryportion of a lease contract may retract the waiver by reasonablenotification received by the other party that strict performancewill be required of any term waived, unless the retraction wouldbe unjust in view of a material change of position in reliance onthe waiver.

(L. 1992 S.B. 448)