8.2A-402 - A-402. Anticipatory repudiation. - Virginia Statutes

§ 8.2A-402. Anticipatory repudiation.

If either party repudiates a lease contract with respect to a performance notyet due under the lease contract, the loss of which performance willsubstantially impair the value of the lease contract to the other, theaggrieved party may:

(a) For a commercially reasonable time, await retraction of repudiation andperformance by the repudiating party;

(b) Make demand pursuant to § 8.2A-401 and await assurance of futureperformance adequate under the circumstances of the particular case; or

(c) Resort to any right or remedy upon default under the lease contract orthis title, even though the aggrieved party has notified the repudiatingparty that the aggrieved party would await the repudiating party'sperformance and assurance and has urged retraction. In addition, whether ornot the aggrieved party is pursuing one of the foregoing remedies, theaggrieved party may suspend performance or, if the aggrieved party is thelessor, proceed in accordance with the provisions of this title on thelessor's right to identify goods to the lease contract notwithstandingdefault or to salvage unfinished goods (§ 8.2A-524).

(1991, c. 536.)