8.2A-505 - A-505. Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies. - Virginia Statutes

§ 8.2A-505. Cancellation and termination and effect of cancellation,termination, rescission, or fraud on rights and remedies.

(1) On cancellation of the lease contract, all obligations that are stillexecutory on both sides are discharged, but any right based on prior defaultor performance survives, and the cancelling party also retains any remedy fordefault of the whole lease contract or any unperformed balance.

(2) On termination of the lease contract, all obligations that are stillexecutory on both sides are discharged but any right based on prior defaultor performance survives.

(3) Unless the contrary intention clearly appears, expressions of"cancellation," "rescission," or the like of the lease contract may notbe construed as a renunciation or discharge of any claim in damages for anantecedent default.

(4) Rights and remedies for material misrepresentation or fraud include allrights and remedies available under this title for default.

(5) Neither rescission nor a claim for rescission of the lease contract norrejection or return of the goods may bar or be deemed inconsistent with aclaim for damages or other right or remedy.

(1991, c. 536.)