Unless the contrary intention clearly appears, expressions of “cancellation” or “rescission” of the contract or the like shall not be construed as a renunciation or discharge of any claim in damages for an antecedent breach.
(Dec. 30, 1963, 77 Stat. 669, Pub. L. 88-243, § 1.)
1981 Ed., § 28:2-720.
1973 Ed., § 28:2-720.
Prior Uniform Statutory Provision: None. Purpose:
This section is designed to safeguard a person holding a right of action from any unintentional loss of rights by the ill-advised use of such terms as “cancellation”, “rescission”, or the like. Once a party’s rights have accrued they are not to be lightly impaired by concessions made in business decency and without intention to forego them. Therefore, unless the cancellation of a contract expressly declares that it is “without reservation of rights”, or the like, it cannot be considered to be a renunciation under this section.
Cross Reference:Section 1-107.
Definitional Cross References: “Cancellation”. Section 2-106.
“Contract”. Section 1-201.
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