§ 25-2A-208. Modification, rescission and waiver.
§25‑2A‑208. Modification, rescission and waiver.
(1) An agreementmodifying a lease contract needs no consideration to be binding.
(2) A signed leaseagreement that excludes modification or rescission except by a signed writingmay not be otherwise modified or rescinded, but, except as between merchants,such a requirement on a form supplied by a merchant must be separately signedby the other party.
(3) Although an attemptat modification or rescission does not satisfy the requirements of subsection(2) of this section, it may operate as a waiver.
(4) A party who hasmade a waiver affecting an executory portion of a lease contract may retractthe waiver by reasonable notification received by the other party that strictperformance will be required of any term waived, unless the retraction would beunjust in view of a material change of position in reliance on the waiver. (1993,c. 463, s. 1.)