Maine Revised Statutes Title 11 Sec. 2-1208 – Modification, rescission and waiver
Current as of: 2023 | Check for updates
|
Other versions
(1). An agreement modifying a lease contract needs no consideration to be binding.
[PL 1991, c. 805, §4 (NEW).]
Terms Used In Maine Revised Statutes Title 11 Sec. 2-1208
- Contract: A legal written agreement that becomes binding when signed.
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Maine Revised Statutes Title 11 Sec. 2-1103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this Article and any other applicable rules of law. See Maine Revised Statutes Title 11 Sec. 2-1103
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
(2). 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lease agreement that excludes modification or rescission except by a signed writing may not be otherwise modified or rescinded, but, except as between merchants, such a requirement on a form supplied by a merchant must be separately signed by the other party.
[PL 1991, c. 805, §4 (NEW).]
(3). Although an attempt at modification or rescission does not satisfy the requirements of subsection (2), it may operate as a waiver.
[PL 1991, c. 805, §4 (NEW).]
(4). 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.
[PL 1991, c. 805, §4 (NEW).]
SECTION HISTORY
PL 1991, c. 805, §4 (NEW).