§ 336.2A-208 — Modification, Rescission and Waiver
Plain-Language Summary
An agreement to modify a lease contract needs no new consideration to be binding. If a signed lease bars changes except by a signed record, it cannot be modified or rescinded any other way, though when a merchant supplies the form to a non-merchant, that no-oral-changes term must be separately signed by the other party. An attempt to change the lease that does not meet those signing requirements may still count as a waiver. A party who waived a term can take back the waiver as to the remaining performance by giving reasonable notice that strict performance will be required, unless taking it back would be unjust because the other side relied on the waiver.
336.2A-208 MODIFICATION, RESCISSION AND WAIVER.
(1) An agreement modifying a lease contract needs no consideration to be binding.
(2) A signed lease agreement that excludes modification or rescission except by a signed record may not be otherwise modified or rescinded, but, except as between merchants, this requirement on a form supplied by a merchant must be separately signed by the other party.
(3) Although an attempt at modification or rescission does not satisfy the requirements of subsection (2), it may operate as a waiver.
(4) A party who has made a waiver affecting an executory portion of a lease contract may retract the waiver by reasonable notification received by the other party that strict performance will be required of any term waived, unless the retraction would be unjust in view of a material change of position in reliance on the waiver.
History:
1989 c 232 art 1 s 2A-208; 2024 c 93 art 3 s 8
History: History: 1989 c 232 art 1 s 2A-208; 2024 c 93 art 3 s 8