§ 25-2A-208. Modification, rescission and waiver. - North Carolina Statutes

§25‑2A‑208.  Modification, rescission and waiver.

(1)        An agreementmodifying a lease contract needs no consideration to be binding.

(2)        A signed leaseagreement that excludes modification or rescission except by a signed writingmay not be otherwise modified or rescinded, but, except as between merchants,such a requirement on a form supplied by a merchant must be separately signedby the other party.

(3)        Although an attemptat modification or rescission does not satisfy the requirements of subsection(2) of this section, it may operate as a waiver.

(4)        A party who hasmade a waiver affecting an executory portion of a lease contract may retractthe waiver 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. (1993,c. 463, s. 1.)