§ 6A-2.1-505 - Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies.
SECTION 6A-2.1-505
§ 6A-2.1-505 Cancellation and terminationand effect of cancellation, termination, rescission, or fraud on rights andremedies. – (1) On cancellation of the lease contract, all obligations that are stillexecutory on both sides are discharged, but any right based on prior default orperformance 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 obligationsthat are still executory on both sides are discharged but any right based onprior default or performance survives.
(3) Unless the contrary intention clearly appears,expressions of "cancellation," "rescission," or the like of the lease contractmay not be construed as a renunciation or discharge of any claim in damages foran antecedent default.
(4) Rights and remedies for material misrepresentation orfraud include all rights and remedies available under this chapter for default.
(5) Neither rescission nor a claim for rescission of thelease contract nor rejection or return of the goods may bar or be deemedinconsistent with a claim for damages or other right or remedy.