Virginia § 8.2A-505 Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies

Virginia Statutes

§ 8.2A-505 — Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies

Virginia § 8.2A-505

Title 8.2ACOMMERCIAL CODE — LEASES

Art. AIN GENERAL

Part 5DEFAULT

This text of Virginia § 8.2A-505 (Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 8.2A-505 (2026).

Text

(1)On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives, and the cancelling party also retains any remedy for default of the whole lease contract or any unperformed balance.

(2)On termination of the lease contract, all obligations that are still executory on both sides are discharged but any right based on prior default or performance survives.

(3)Unless the contrary intention clearly appears, expressions of "cancellation," "rescission," or the like of the lease contract may not be construed as a renunciation or discharge of any claim in damages for an antecedent default.

(4)Rights and remedies for material misrepresentation or fraud include all rights and remedies a

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(1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives, and the cancelling party also retains any remedy for default of the whole lease contract or any unperformed balance.

(2) On termination of the lease contract, all obligations that are still executory on both sides are discharged but any right based on prior default or performance survives.

(3) Unless the contrary intention clearly appears, expressions of "cancellation," "rescission," or the like of the lease contract may not be construed as a renunciation or discharge of any claim in damages for an antecedent default.

(4) Rights and remedies for material misrepresentation or fraud include all rights and remedies available under this title for default.

(5) Neither rescission nor a claim for rescission of the lease contract nor rejection or return of the goods may bar or be deemed inconsistent with a claim for damages or other right or remedy.