Okla. Stat. tit. 12A, § 2A-208 Modification, Rescission and Waiver

• Library: Oklahoma Statutes
• Edition: 2023
• Currency: Current through Laws 2023EX1, c. 52.
• Year: 2023
• Citation: Okla. Stat. tit. 12A, § 2A-208

(1) An agreement modifying a lease contract needs no consideration to be binding.

(2) A signed lease agreement that excludes modification or rescission except by a signed writing may not be otherwise modified or rescinded, but, except as between merchants, such a requirement on a form supplied by a merchant must be separately signed by the other party.

(3) Although an attempt at modification or rescission does not satisfy the requirements of subsection (2) of this section, it may operate as a waiver.

(4) A party who has made a waiver affecting an executory portion of a lease 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.

Cite as Okla. Stat. tit. 12A, § 2A-208

History: Added by Laws 1988, HB 1683, c. 86, § 17, eff. November 1, 1988.

Note:

Oklahoma Code Comment

To the extent of inconsistency this provision displaces 15 Oklahoma Statutes §§ 236 and 237 for leases of goods. Thus while subsection (1) is consistent with § 236 for oral leases in not requiring new consideration for a modification, it conflicts with § 237, which for written contracts requires consideration. Moreover, § 237 allows alteration by an executed oral agreement while under § 2A-208(2) the parties can preclude modification or rescission except by another signed writing. Finally, while alteration by a contract in writing is a method recognized by § 237, § 237 does not stipulate, as does subsection (2) of § 2A-208, that a signed lease agreement that excludes modification or rescission except by another signed writing must, unless between merchants, have that requirement separately signed by the other party if the requirement is included in a form supplied by a merchant. This last safeguard also exists in UCC § 2-...