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7-2-610
Section 7-2-610 Anticipatory repudiation. When either party repudiates the contract with respect
to a performance not yet due the loss of which will substantially impair the value of the
contract to the other, the aggrieved party may: (a) For a commercially reasonable time await
performance by the repudiating party; or (b) Resort to any remedy for breach (Section 7-2-703
or Section 7-2-711), even though he has notified the repudiating party that he would await
the latter's performance and has urged retraction; and (c) In either case suspend his own
performance or proceed in accordance with the provisions of this article on the seller's right
to identify goods to the contract notwithstanding breach or to salvage unfinished goods (Section
7-2-704). (Acts 1965, No. 549, p. 811.)...
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7-2A-402
Section 7-2A-402 Anticipatory repudiation. (1) If either party repudiates a lease contract
with respect to a performance not yet due under the lease contract, the loss of which performance
will substantially impair the value of the lease contract to the other, the aggrieved party
may: (a) for a commercially reasonable time, await retraction of repudiation and performance
by the repudiating party; (b) make demand pursuant to Section 7-2A-401 and await assurance
of future performance adequate under the circumstances of the particular case; or (c) resort
to any right or remedy upon default under the lease contract or this article, even though
the aggrieved party has notified the repudiating party that the aggrieved party would await
the repudiating party's performance and assurance and has urged retraction. (2) In addition,
whether or not the aggrieved party is pursuing one of the foregoing remedies, the aggrieved
party may suspend performance or, if the aggrieved party is the lessor,...
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7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions
contained in the subsequent articles of this title which are applicable to specific articles
or parts thereof, and unless the context otherwise requires, in this title: (1) "Action,"
in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in
equity, and any other proceeding in which rights are determined. (2) "Aggrieved party"
means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from
"contract," means the bargain of the parties in fact, as found in their language
or inferred from other circumstances, including course of performance, course of dealing,
or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person engaged
in the business of banking and includes a savings bank, savings and loan association, credit
union, and trust company. (5) "Bearer" means a person in possession of a negotiable
instrument, document of title, or...
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7-2-718
Section 7-2-718 Liquidation or limitation of damages; deposits. (1) Damages for breach by either
party may be liquidated in the agreement but only at an amount which is reasonable in the
light of the anticipated or actual harm caused by the breach, the difficulties of proof of
loss, and the inconvenience or nonfeasibility of otherwise obtaining an adequate remedy. A
term fixing unreasonably large liquidated damages is void as a penalty. (2) Where the seller
justifiably withholds delivery of goods because of the buyer's breach, the buyer is entitled
to restitution of any amount by which the sum of his payments exceeds: (a) The amount to which
the seller is entitled by virtue of terms liquidating the seller's damages in accordance with
subsection (1), or (b) In the absence of such terms, 20 percent of the value of the total
performance for which the buyer is obligated under the contract or $500, whichever is smaller.
(3) The buyer's right to restitution under subsection (2) is subject to...
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7-2A-103
Section 7-2A-103 Definitions and index of definitions. (1) In this article unless the context
otherwise requires: (a) "Buyer in ordinary course of business" means a person who
in good faith and without knowledge that the sale to him or her is in violation of the ownership
rights or security interest or leasehold interest of a third party in the goods, buys in ordinary
course from a person in the business of selling goods of that kind but does not include a
pawnbroker. "Buying" may be for cash or by exchange of other property or on secured
or unsecured credit and includes receiving goods or documents of title under a pre-existing
contract for sale but does not include a transfer in bulk or as security for or in total or
partial satisfaction of a money debt. (b) "Cancellation" occurs when either party
puts an end to the lease contract for default by the other party. (c) "Commercial unit"
means such a unit of goods as by commercial usage is a single whole for purposes of lease
and...
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7-2-725
Section 7-2-725 Statute of limitations in contracts for sale. (1) An action for breach of any
contract for sale must be commenced within four years after the cause of action has accrued.
By the original agreement the parties may reduce the period of limitation to not less than
one year but may not extend it. (2) A cause of action accrues when the breach occurs, regardless
of the aggrieved party's lack of knowledge of the breach. A breach of warranty occurs when
tender of delivery is made, except that where a warranty explicitly extends to future performance
of the goods and discovery of the breach must await the time of such performance the cause
of action accrues when the breach is or should have been discovered; however, a cause of action
for damages for injury to the person in the case of consumer goods shall accrue when the injury
occurs. (3) Where an action commenced within the time limited by subsection (1) is so terminated
as to leave available a remedy by another action for the...
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7-2-106
Section 7-2-106 Definitions: "Contract"; "agreement"; "contract for
sale"; "sale"; "present sale"; "conforming" to contract;
"termination"; "cancellation." (1) In this article unless the context
otherwise requires "contract" and "agreement" are limited to those relating
to the present or future sale of goods. "Contract for sale" includes both a present
sale of goods and a contract to sell goods at a future time. A "sale" consists in
the passing of title from the seller to the buyer for a price (Section 7-2-401). A "present
sale" means a sale which is accomplished by the making of the contract. (2) Goods or
conduct including any part of a performance are "conforming" or "conform to
the contract" when they are in accordance with the obligations under the contract. (3)
"Termination" occurs when either party pursuant to a power created by agreement
or law puts an end to the contract otherwise than for its breach. On "termination"
all obligations which are still executory on both sides are...
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7-9A-407
Section 7-9A-407 Restrictions on creation or enforcement of security interest in leasehold
interest or in lessor's residual interest. (a) Term restricting assignment generally ineffective.
Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective
to the extent that it: (1) prohibits, restricts, or requires the consent of a party to the
lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement
of a security interest in, an interest of a party under the lease contract or in the lessor's
residual interest in the goods; or (2) provides that the assignment or transfer or the creation,
attachment, perfection, or enforcement of the security interest may give rise to a default,
breach, right of recoupment, claim, defense, termination, right of termination, or remedy
under the lease. (b) Effectiveness of certain terms. Except as otherwise provided in Section
7-2A-303(7), a term described in subsection (a)(2) is effective to...
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7-2-311
Section 7-2-311 Options and cooperation respecting performance. (1) An agreement for sale which
is otherwise sufficiently definite (subsection (3) of Section 7-2-204) to be a contract is
not made invalid by the fact that it leaves particulars of performance to be specified by
one of the parties. Any such specification must be made in good faith and within limits set
by commercial reasonableness. (2) Unless otherwise agreed specifications relating to assortment
of the goods are at the buyer's option and, except as otherwise provided in subsections (1)(c)
and (3) of Section 7-2-319, specifications or arrangements relating to shipment are at the
seller's option. (3) Where such specification would materially affect the other party's performance
but is not seasonably made or where one party's cooperation is necessary to the agreed performance
of the other but is not seasonably forthcoming, the other party in addition to all other remedies:
(a) Is excused for any resulting delay in his own...
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41-16A-5
Section 41-16A-5 Permissible contract provisions; general and limited obligation distinction
may be made; allowable pledge payment sources; classification of entity's contracting and
contracts. (a) Alternative financing contracts may be for such term, provide for such renewal
or extension options, provide for such terminating events, provide for the payment of such
rentals, purchase installments, purchase price, and other amounts, and contain such other
terms, provisions, and conditions as the governmental entity shall deem appropriate, and without
limitation to the generality of the foregoing, may contain terms and conditions substantially
similar to any one or more of the following: (1) Provisions for the automatic renewal of the
alternative financing contract for one or more successive periods unless affirmative action
is taken by the governmental entity to terminate such alternative financing contract, and,
if desired, specifying the nature of such affirmative action sufficient to...
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