New Jersey Statutes 12A:2-612. “Installment contract” ; breach
Terms Used In New Jersey Statutes 12A:2-612
- Buyer: means a person who buys or contracts to buy goods. See New Jersey Statutes 12A:2-103
- Contract: A legal written agreement that becomes binding when signed.
- Seller: means a person who sells or contracts to sell goods. See New Jersey Statutes 12A:2-103
(2) The buyer may reject any installment which is non-conforming if the non-conformity substantially impairs the value of that installment and cannot be cured or if the non-conformity is a defect in the required documents; but if the non-conformity does not fall within subsection (3) and the seller gives adequate assurance of its cure the buyer must accept that installment.
(3) Whenever non-conformity or default with respect to one or more installments substantially impairs the value of the whole contract there is a breach of the whole. But the aggrieved party reinstates the contract if he accepts a non-conforming installment without seasonably notifying of cancellation or if he brings an action with respect only to past installments or demands performance as to future installments.
L.1961, c. 120, s. 2-612.