§ 6A-2-209 - Modification, rescission, and waiver. - Rhode Island Statutes

SECTION 6A-2-209

   § 6A-2-209  Modification, rescission, andwaiver. – (1) An agreement modifying a contract within this chapter needs noconsideration to be binding.

   (2) A signed agreement which excludes modification orrescission except by a signed writing cannot be otherwise modified orrescinded, but except as between merchants such a requirement on a formsupplied by the merchant must be separately signed by the other party.

   (3) The requirements of the statute of frauds section of thischapter (§ 6A-2-201) must be satisfied if the contract as modified iswithin its provisions.

   (4) Although an attempt at modification or rescission doesnot satisfy the requirements of subsection (2) or (3) it can operate as awaiver.

   (5) A party who has made a waiver affecting an executoryportion of the contract may retract the waiver by reasonable notificationreceived by the other party that strict performance will be required of anyterm waived, unless the retraction would be unjust in view of a material changeof position in reliance on the waiver.