(1) An agreement modifying a contract within this article needs no consideration to be binding.
lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Hawaii Revised Statutes 490:2-209

  • Contract: A legal written agreement that becomes binding when signed.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Statute: A law passed by a legislature.
(2) A signed agreement that excludes modification or rescission except by a signed writing or other signed record shall not be otherwise modified or rescinded, but except as between merchants this type of requirement on a form supplied by the merchant shall be separately signed by the other party.
(3) The requirements of the statute of frauds section of this article (section 490:2-201) must be satisfied if the contract as modified is within its provisions.
(4) Although an attempt at modification or rescission does not satisfy the requirements of subsection (2) or (3) it can operate as a waiver.
(5) 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.

  Previous
Next  
 Part 2 Contents