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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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7-2-610
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-403
Section 7-2A-403 Retraction of anticipatory repudiation. (1) Until the repudiating party's
next performance is due, the repudiating party can retract the repudiation unless, since the
repudiation, the aggrieved party has cancelled the lease contract or materially changed the
aggrieved party's position or otherwise indicated that the aggrieved party considers the repudiation
final. (2) Retraction may be by any method that clearly indicates to the aggrieved party that
the repudiating party intends to perform under the lease contract and includes any assurance
demanded under Section 7-2A-401. (3) Retraction reinstates a repudiating party's rights under
a lease contract with due excuse and allowance to the aggrieved party for any delay occasioned
by the repudiation. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, ยง403.)...
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7-2A-401
Section 7-2A-401 Insecurity: Adequate assurance of performance. (1) A lease contract imposes
an obligation on each party that the other's expectation of receiving due performance will
not be impaired. (2) If reasonable grounds for insecurity arise with respect to the performance
of either party, the insecure party may demand in writing adequate assurance of due performance.
Until the insecure party receives that assurance, if commercially reasonable the insecure
party may suspend any performance for which he or she has not already received the agreed
return. (3) A repudiation of the lease contract occurs if assurance of due performance adequate
under the circumstances of the particular case is not provided to the insecure party within
a reasonable time, not to exceed 30 days after receipt of the demand by the other party. (4)
Between merchants, the reasonableness of grounds for insecurity and the adequacy of any assurance
offered must be determined according to commercial standards....
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7-2-611
Section 7-2-611 Retraction of anticipatory repudiation. (1) Until the repudiating party's next
performance is due he can retract his repudiation unless the aggrieved party has since the
repudiation cancelled or materially changed his position or otherwise indicated that he considers
the repudiation final. (2) Retraction may be by any method which clearly indicates to the
aggrieved party that the repudiating party intends to perform, but must include any assurance
justifiably demanded under the provisions of this article (Section 7-2-609). (3) Retraction
reinstates the repudiating party's rights under the contract with due excuse and allowance
to the aggrieved party for any delay occasioned by the repudiation. (Acts 1965, No. 549, p.
811.)...
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7-2A-510
Section 7-2A-510 Installment lease contracts: Rejection and default. (1) Under an installment
lease contract a lessee may reject any delivery that is nonconforming if the nonconformity
substantially impairs the value of that delivery and cannot be cured or the nonconformity
is a defect in the required documents; but if the nonconformity does not fall within subsection
(2) and the lessor or the supplier gives adequate assurance of its cure, the lessee must accept
that delivery. (2) Whenever nonconformity or default with respect to one or more deliveries
substantially impairs the value of the installment lease contract as a whole there is a default
with respect to the whole. But, the aggrieved party reinstates the installment lease contract
as a whole if the aggrieved party accepts a nonconforming delivery without seasonably notifying
of cancellation or brings an action with respect only to past deliveries or demands performance
as to future deliveries. (Acts 1992, 2nd Ex. Sess., No....
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7-2-609
Section 7-2-609 Right to adequate assurance of performance. (1) A contract for sale imposes
an obligation on each party that the other's expectation of receiving due performance will
not be impaired. When reasonable grounds for insecurity arise with respect to the performance
of either party the other may in writing demand adequate assurance of due performance and
until he receives such assurance may if commercially reasonable suspend any performance for
which he has not already received the agreed return. (2) Between merchants the reasonableness
of grounds for insecurity and the adequacy of any assurance offered shall be determined according
to commercial standards. (3) Acceptance of any improper delivery or payment does not prejudice
the aggrieved party's right to demand adequate assurance of future performance. (4) After
receipt of a justified demand, failure to provide within a reasonable time not exceeding 30
days such assurance of due performance as is adequate under the...
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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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7-2A-508
Section 7-2A-508 Lessee's remedies. (1) If a lessor fails to deliver the goods in conformity
to the lease contract (Section 7-2A-509) or repudiates the lease contract (Section 7-2A-402),
or a lessee rightfully rejects the goods (Section 7-2A-509) or justifiably revokes acceptance
of the goods (Section 7-2A-517), then with respect to any goods involved, and with respect
to all of the goods if under an installment lease contract the value of the whole lease contract
is substantially impaired (Section 7-2A-510), the lessor is in default under the lease contract
and the lessee may: (a) cancel the lease contract (Section 7-2A-505(1)); (b) recover so much
of the rent and security as has been paid and is just under the circumstances; (c) cover and
recover damages as to all goods affected whether or not they have been identified to the lease
contract (Sections 7-2A-518 and 7-2A-520), or recover damages for nondelivery (Sections 7-2A-519
and 7-2A-520); (d) exercise any other rights or pursue...
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7-2A-201
Section 7-2A-201 Statute of frauds. (1) A lease contract is not enforceable by way of action
or defense unless: (a) the total payments to be made under the lease contract, excluding payments
for options to renew or buy, are less than $1,000; or (b) there is a writing, signed by the
party against whom enforcement is sought or by that party's authorized agent, sufficient to
indicate that a lease contract has been made between the parties and to describe the goods
leased and the lease term. (2) Any description of leased goods or of the lease term is sufficient
and satisfies subsection (1)(b), whether or not it is specific, if it reasonably identifies
what is described. (3) A writing is not insufficient because it omits or incorrectly states
a term agreed upon, but the lease contract is not enforceable under subsection (1)(b) beyond
the lease term and the quantity of goods shown in the writing. (4) A lease contract that does
not satisfy the requirements of subsection (1), but which is...
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