New Mexico Statutes 55-2-508. Cure by seller of improper tender or delivery;
Current as of: 2024 | Check for updates
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replacement.
Terms Used In New Mexico Statutes 55-2-508
- buyer: means a person who buys or contracts to buy goods. See New Mexico Statutes 55-2-103
- Contract: A legal written agreement that becomes binding when signed.
- seller: means a person who sells or contracts to sell goods. See New Mexico Statutes 55-2-103
(1) Where any tender or delivery by the seller is rejected because nonconforming and the time for performance has not yet expired, the seller may seasonably notify the buyer of his intention to cure and may then within the contract time make a conforming delivery.
(2) Where the buyer rejects a nonconforming tender which the seller had reasonable grounds to believe would be acceptable with or without money allowance, the seller may if he seasonably notifies the buyer have a further reasonable time to substitute a conforming tender.