59.1-507.9 - Anticipatory repudiation. - Virginia Statutes

§ 59.1-507.9. Anticipatory repudiation.

(a) If a party to a contract repudiates a performance not yet due and theloss of performance will substantially impair the value of the contract tothe other party, the aggrieved party may:

(1) await performance by the repudiating party for a commercially reasonabletime or resort to any remedy for breach of contract, even if it has urged therepudiating party to retract the repudiation or has notified the repudiatingparty that it would await its performance; and

(2) in either case, suspend its own performance or proceed in accordance with§ 59.1-508.12 or § 59.1-508.13, as applicable.

(b) Repudiation includes language that one party will not or cannot make aperformance still due under the contract or voluntary, affirmative conductthat reasonably appears to the other party to make a future performanceimpossible.

(2000, cc. 101, 996.)