§ 41-02-16 — (2-209) Modification, rescission, and waiver

1. An agreement modifying a contract within this chapter needs no consideration to be
binding.
2. A signed agreement that excludes modification or rescission except by a signed writing
or other signed record cannot be otherwise modified or rescinded, but except as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 of this chapter (section 41-02-08)
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.