70A-2-209 - Modification, rescission and waiver. - Utah Statutes

70A-2-209. Modification, rescission and waiver.

(1) An agreement modifying a contract within this chapter needs no consideration to bebinding.
(2) A signed agreement which excludes modification or rescission except by a signedwriting cannot be otherwise modified or rescinded, but except as between merchants such arequirement on a form supplied by the merchant must be separately signed by the other party.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 chapter (Section 70A-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 ofSubsection (2) or (3) it can operate as a waiver.
(5) A party who has made a waiver affecting an executory portion of the contract mayretract the waiver by reasonable notification received by the other party that strict performancewill be required of any term waived, unless the retraction would be unjust in view of a materialchange of position in reliance on the waiver.

Enacted by Chapter 154, 1965 General Session