§ 336.2A-403 — Retraction of Anticipatory Repudiation
Plain-Language Summary
This section lets a party who repudiated a lease take back (retract) that repudiation, but only until their next performance is due. Retraction is not allowed if, since the repudiation, the other party has already canceled the lease, materially changed position, or otherwise treated the repudiation as final. The retraction can be made by any method that clearly shows the party intends to perform, and it must include any assurance the other side demanded. A valid retraction restores the repudiating party's rights under the lease, with allowance to the other party for any delay the repudiation caused.
336.2A-403 RETRACTION OF ANTICIPATORY REPUDIATION.
(1) Until the repudiating party’s next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has canceled the lease contract or materially changed the aggrieved party’s position or otherwise indicated that the aggrieved party considers the repudiation final.
(2) Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under section 336.2A-401.
(3) Retraction reinstates a repudiating party’s rights under a lease contract with due excuse and allowance to the aggrieved party for any delay occasioned by the repudiation.
History:
1989 c 232 art 1 s 2A-403
History: History: 1989 c 232 art 1 s 2A-403