State Codes and Statutes
Statutes > Virginia > Title-59-1 > Chapter-43 > 59-1-503-5§ 59.1-503.5. Terms to be specified.
An agreement that is otherwise sufficiently definite to be a contract is notinvalid because it leaves particulars of performance to be specified by oneof the parties. If particulars of performance are to be specified by a party,the following rules apply:
(1) Specification must be made in good faith and within limits set bycommercial reasonableness.
(2) If a specification materially affects the other party's performance butis not seasonably made, the other party:
(A) is excused for any resulting delay in its performance; and
(B) may perform, suspend performance, or treat the failure to specify as abreach of contract.
(2000, cc. 101, 996.)
