Idaho Code 28-12-406 – Procedure On Excused Performance
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(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under the provisions of section 28-12-405, the lessee may by written notification to the lessor as 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 28-12-510):
(a) Terminate the lease contract (section 28-12-505(2)); or
(b) Except in a finance lease that is not a consumer lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.
(2) If, after receipt of a notification from the lessor under the provisions of section 28-12-405, the lessee fails so to modify the lease agreement within a reasonable time not exceeding thirty (30) days, the lease contract lapses with respect to any deliveries affected.
Terms Used In Idaho Code 28-12-406
- Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed twenty-five thousand dollars ($25,000). See Idaho Code 28-12-103
- Contract: A legal written agreement that becomes binding when signed.
- Finance lease: means a lease with respect to which:
Idaho Code 28-12-103Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (section 28-12-309, Idaho Code), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Idaho Code 28-12-103 Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Idaho Code 28-12-103 Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this chapter. See Idaho Code 28-12-103 Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See Idaho Code 28-12-103 Lessee: means a person who acquires the right to possession and use of goods under a lease. See Idaho Code 28-12-103 Lessor: means a person who transfers the right to possession and use of goods under a lease. See Idaho Code 28-12-103