STATE STATUTES & CODES
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VIRGINIA STATUTES AND CODES
59.1-507.2 - Waiver of remedy for breach of contract.
§ 59.1-507.2. Waiver of remedy for breach of contract.
(a) A claim or right arising out of a breach of contract may be discharged inwhole or part without consideration by a waiver in a record to which theparty making the waiver agrees after breach, such as by manifesting assent,or which the party making the waiver authenticates and delivers to the otherparty.
(b) A party that accepts a performance with knowledge that the performanceconstitutes a breach of contract and, within a reasonable time afteracceptance, does not notify the other party of the breach waives all remediesfor the breach, unless acceptance was made on the reasonable assumption thatthe breach would be cured and it has not been seasonably cured. However, aparty that seasonably notifies the other party of a reservation of rightsdoes not waive the rights reserved.
(c) A party that refuses a performance and fails to identify a particulardefect that is ascertainable by reasonable inspection waives the right torely on that defect to justify refusal only if:
(1) the other party could have cured the defect if it were identifiedseasonably; or
(2) between merchants, the other party after refusal made a request in arecord for a full and final statement of all defects on which the refusingparty relied.
(d) Waiver of a remedy for breach of contract in one performance does notwaive any remedy for the same or a similar breach in future performancesunless the party making the waiver expressly so states.
(e) A waiver may not be retracted as to the performance to which the waiverapplies.
(f) Except for a waiver in accordance with subsection (a) or a waiversupported by consideration, a waiver affecting an executory portion of acontract may be retracted by seasonable notice received by the other partythat strict performance will be required in the future, unless the retractionwould be unjust in view of a material change of position in reliance on thewaiver by that party.
(2000, cc. 101, 996.)