8.2A-403 - A-403. Retraction of anticipatory repudiation. - Virginia Statutes

§ 8.2A-403. Retraction of anticipatory repudiation.

(1) Until the repudiating party's next performance is due, the repudiatingparty can retract the repudiation unless, since the repudiation, theaggrieved party has cancelled the lease contract or materially changed theaggrieved party's position or otherwise indicated that the aggrieved partyconsiders the repudiation final.

(2) Retraction may be by any method that clearly indicates to the aggrievedparty that the repudiating party intends to perform under the lease contractand includes any assurance demanded under § 8.2A-401.

(3) Retraction reinstates a repudiating party's rights under a lease contractwith due excuse and allowance to the aggrieved party for any delay occasionedby the repudiation.

(1991, c. 536.)