59.1-503.3 - Modification and rescission. - Virginia Statutes

§ 59.1-503.3. Modification and rescission.

(a) An agreement modifying a contract subject to this chapter needs noconsideration to be binding.

(b) An authenticated record that precludes modification or rescission exceptby an authenticated record may not otherwise be modified or rescinded. In astandard form supplied by a merchant to a consumer, a term requiring anauthenticated record for modification of the contract is not enforceableunless the consumer manifests assent to the term.

(c) A modification of a contract and the contract as modified must satisfythe requirements of §§ 59.1-502.1 (a) and 59.1-503.7 (f) if the contract asmodified is within those provisions.

(d) An attempt at modification or rescission which does not satisfysubsection (b) or (c) may operate as a waiver if § 59.1-507.2 is satisfied.

(2000, cc. 101, 996.)