§ 26-1-2-209 — Modification, rescission, and waiver

Indiana § 26-1-2-209

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 2: Sales

Text

(1) An agreement modifying a contract
within IC 26-1-2 needs no consideration to be binding.
(2) A signed agreement which excludes modification or rescission,
except by a signed writing or another signed record, cannot be
otherwise modified or rescinded, but except as between merchants such
a requirement on a form supplied by the merchant must be separately
signed by the other party.
(3) The requirements of the statute of frauds section (IC 26-1-2-201)
must be satisfied if the contract as modified is within its provisions.
(4) Although an attempt at modification or rescission does not
satisfy the requirements of subsection (2) or (3), it can operate as a
waiver.
(5) A party who has made a waiver affecting an executory portion
of the 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.
Formerly: Acts 1963, c.317, s.2-209. As amended by
P.L.152-1986, SEC.128; P.L.199-2023, SEC.9.