(a) A repudiating party may retract its repudiation until its next performance is due unless the aggrieved party, after the repudiation, has canceled the contract, materially changed its position, or otherwise indicated that it considers the repudiation final.

Terms Used In Virginia Code 59.1-507.10

  • Aggrieved party: means a party entitled to a remedy for breach of contract. See Virginia Code 59.1-501.2
  • Contract: A legal written agreement that becomes binding when signed.
  • Contract: means the total legal obligation resulting from the parties' agreement as affected by this chapter and other applicable law. See Virginia Code 59.1-501.2
  • Party: means a person that engages in a transaction or makes an agreement under this chapter. See Virginia Code 59.1-501.2

(b) A retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform the contract. However, a retraction must contain any assurance justifiably demanded under § 59.1-507.8.

(c) Retraction restores a repudiating party’s rights under the contract with due excuse and allowance to the aggrieved party for any delay caused by the repudiation.

2000, cc. 101, 996.

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