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North Carolina General Statutes > Chapter 25 > Article 2 > § 25-2-209 - 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A signed agreement which excludes modification or rescission except by a signed writing cannot be otherwise modified or rescinded, but except as between merchants such a requirement on a form supplied by the merchant must be separately signed by the other party.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 (Gen. Stat. 25-2-201) 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.

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Questions & Answers: Sales (UCC Article 2)

I just purchased a membership with Vacation Inspirations a wholesale travel site in Charleston for 2750 I get home and look on Internet it has many many complaints as a scam outfit...

Karen, How was the purchase made? Over the Internet? In your home? Over the telephone? "Buyer's remorse" laws vary by what type of product or service is involved and how the sa...

Thanks Steve, I guess the new scam in charleston is to get tourists when booking tours to just go to a 45 minute travel membership seminar,unfortunely we did purchase this for 2750...

Karen, Obviously you'll want to immediately contact them to cancel and demand a refund. I'm not familiar with whatever contract you may have signed, so you should take a look at it...

I'm selling my parents' home and have been renting to someone with them going to buy. I have a contract with them and the time is running out and their lawyer has not setting with ...

Jeanie, What is the rental arrangement exactly? Is there a written lease? Is it month-to-month or week-to-week? If they stay beyond the expiration date, whatever that is, you hav...

See also:

North Carolina General Statutes Chapter 25 > Article 2 - Sales