§490:2-209  Modification, rescission and
waiver.  (1)  An agreement modifying a contract within this article needs
no consideration to be binding.



(2)  A signed agreement which excludes
modification or rescission except by a signed writing cannot be otherwise
modified or rescinded, but except as between merchants such a requirement on a
form supplied by the merchant must be separately signed by the other party.



(3)  The requirements of the statute of frauds
section of this article (section 490:2-201) must be satisfied if the contract
as modified is within its provisions.



(4)  Although an attempt at modification or
rescission does not satisfy the requirements of subsection (2) or (3) it can
operate as a waiver.



(5)  A party who has made a waiver affecting an
executory portion of the 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. [L 1965, c 208, §2-209;
HRS §490:2-209]