8.2-612 - Installment contract"; breach. - Virginia Statutes

§ 8.2-612. "Installment contract"; breach.

(1) An "installment contract" is one which requires or authorizes thedelivery of goods in separate lots to be separately accepted, even though thecontract contains a clause "each delivery is a separate contract" or itsequivalent.

(2) The buyer may reject any installment which is nonconforming if thenonconformity substantially impairs the value of that installment and cannotbe cured or if the nonconformity is a defect in the required documents; butif the nonconformity does not fall within subsection (3) and the seller givesadequate assurance of its cure the buyer must accept that installment.

(3) Whenever nonconformity or default with respect to one or moreinstallments substantially impairs the value of the whole contract there is abreach of the whole. But the aggrieved party reinstates the contract if heaccepts a nonconforming installment without seasonably notifying ofcancellation or if he brings an action with respect only to past installmentsor demands performance as to future installments.

(1964, c. 219.)