70A-2a-403 - Retraction of anticipatory repudiation.
70A-2a-403. Retraction of anticipatory repudiation.
(1) Until the repudiating party's next performance is due, the repudiating party can retractthe repudiation unless, since the repudiation, the aggrieved party has cancelled the lease contractor materially changed the aggrieved party's position or otherwise indicated that the aggrievedparty considers the repudiation final.
(2) Retraction may be by any method that clearly indicates to the aggrieved party that therepudiating party intends to perform under the lease contract and includes any assurancedemanded under Section 70A-2a-401.
(3) Retraction reinstates a repudiating party's rights under a lease contract with dueexcuse and allowance to the aggrieved party for any delay occasioned by the repudiation.
Enacted by Chapter 197, 1990 General Session