§ 26-1-2-612 — "Instalment contract"; breach

Indiana § 26-1-2-612

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

Text

(1) An "instalment contract" is one which
requires or authorizes the delivery of goods in separate lots to be
separately accepted, even though the contract contains a clause "each
delivery is a separate contract or its equivalent.
(2) The buyer may reject any instalment which is non-conforming
if the non-conformity substantially impairs the value of that instalment
and cannot be cured or if the non-conformity is a defect in the required
documents; but if the non-conformity does not fall within subsection
(3) and the seller gives adequate assurance of its cure the buyer must
accept that instalment.
(3) Whenever non-conformity or default with respect to one (1) or
more instalments substantially impairs the value of the whole contract
there is a breach of the whole. But the aggrieved party reinstates the
contract if he accepts a non-conforming instalment without seasonably
notifying of cancellation or if he brings an action with respect only to
past instalments or demands performance as to future instalments.
Formerly: Acts 1963, c.317, s.2-612.