59.1-502.7 - Formation; releases of informational rights. - Virginia Statutes

§ 59.1-502.7. Formation; releases of informational rights.

(a) A release is effective without consideration if it is:

(1) in a record to which the releasing party agrees, such as by manifestingassent, and which identifies the informational rights released; or

(2) enforceable under estoppel, implied license, or other law.

(b) A release continues for the duration of the informational rights releasedif the release does not specify its duration and does not require affirmativeperformance after the grant of the release by:

(1) the party granting the release; or

(2) the party receiving the release, except for relatively insignificant acts.

(2000, cc. 101, 996; 2004, c. 794.)