§ 25-2-209. Modification, rescission and waiver. - North Carolina Statutes

§25‑2‑209.  Modification, rescission and waiver.

(1)        An agreementmodifying a contract within this article needs no consideration to be binding.

(2)        A signed agreementwhich excludes modification or rescission except by a signed writing cannot beotherwise modified or rescinded, but except as between merchants such arequirement on a form supplied by the merchant must be separately signed by theother party.

(3)        The requirements ofthe statute of frauds section of this article (G.S. 25‑2‑201) mustbe satisfied if the contract as modified is within its provisions.

(4)        Although an attemptat modification or rescission does not satisfy the requirements of subsection(2) or (3) it can operate as a waiver.

(5)        A party who hasmade a waiver affecting an executory portion of the contract may retract thewaiver by reasonable notification received by the other party that strictperformance will be required of any term waived, unless the retraction would beunjust in view of a material change of position in reliance on the waiver. (1965,c. 700, s. 1.)