8.2-209 - Modification, rescission and waiver. - Virginia Statutes

§ 8.2-209. Modification, rescission and waiver.

(1) An agreement modifying a contract within this title needs noconsideration to be binding.

(2) A signed agreement which excludes modification or rescission except by asigned writing cannot be otherwise modified or rescinded, but except asbetween merchants such a requirement on a form supplied by the merchant mustbe separately signed by the other party.

(3) The requirements of the statute of frauds section of this title (§8.2-201) must be satisfied if the contract as modified is within itsprovisions.

(4) Although an attempt at modification or rescission does not satisfy therequirements of subsection (2) or (3) it can operate as a waiver.

(5) A party who has made a waiver affecting an executory portion of thecontract may retract the waiver by reasonable notification received by theother party that strict performance will be required of any term waived,unless the retraction would be unjust in view of a material change ofposition in reliance on the waiver.

(1964, c. 219.)