47-2A208. Modification, rescission and
waiver
A. An agreement modifying a lease contract needs no consideration to be binding.
B. A signed lease agreement that excludes modification or rescission except by a
signed writing may not be otherwise modified or rescinded, but, except as between
merchants, such a requirement on a form supplied by a merchant must be separately signed
by the other party.
C. Although an attempt at modification or rescission does not satisfy the
requirements of subsection B, it may operate as a waiver.
D. A party who has made a waiver affecting an executory portion of a lease 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.
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