- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 2. Sales
- Section 209. Modification, Rescission, and Waiver.
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AS 45.02.209. Modification, Rescission, and Waiver.
- (a) An agreement modifying a contract within this chapter needs no consideration to be binding.
- (b) A signed agreement that 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or rescinded, but except as between merchants such a requirement on a form supplied by the merchant must be separately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.
- (c) The requirements of the statute of frauds section (AS 45.02.201
) must be satisfied if the contract as modified is within its provision.
- (d) Although an attempt at modification or rescission does not satisfy the requirements of (b) or (c) of this section it
can operate as a waiver.
- (e) 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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