New Jersey Statutes 12A:2-611. Retraction of anticipatory repudiation
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Terms Used In New Jersey Statutes 12A:2-611
- Contract: A legal written agreement that becomes binding when signed.
(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 Chapter (12A: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.
L.1961, c. 120, s. 2-611.