47-2A505. Cancellation and termination and
effect of cancellation, termination, rescission or fraud on
rights and remedies
A. 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.
B. 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.
C. 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.
D. Rights and remedies for material misrepresentation or fraud include, without
limitation, all rights and remedies available under this Article for default.
E. 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.
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