400.2-209. Modification, rescission and waiver.
Modification, rescission and waiver.
400.2-209. (1) An agreement modifying a contract withinthis article needs no consideration to be binding.
(2) A signed agreement which excludes modification orrescission except by a signed writing cannot be otherwisemodified or rescinded, but except as between merchants such arequirement on a form supplied by the merchant must be separatelysigned by the other party.
(3) The requirements of the statute of frauds section ofthis article (section 400.2-201) must be satisfied if thecontract as modified is within its provisions.
(4) Although an attempt at modification or rescission doesnot satisfy the requirements of subsection (2) or (3) it canoperate as a waiver.
(5) A party who has made a waiver affecting an executoryportion of the contract may retract the waiver by reasonablenotification received by the other party that strict performancewill be required of any term waived, unless the retraction wouldbe unjust in view of a material change of position in reliance onthe waiver.
(L. 1963 p. 503 § 2-209)