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Can you summarize MNST 336.2A-503?
UNIFORM COMMERCIAL CODE > MODIFICATION OR IMPAIRMENT OF RIGHTS AND REMEDIES.
Short Summary
This legal document pertains to the modification or impairment of rights and remedies in lease agreements governed by the Uniform Commercial Code. The lease agreement may include additional or alternative rights and remedies for default, as well as limit or alter the measure of damages recoverable under the Uniform Commercial Code. The use of a remedy provided in the lease agreement or under the Uniform Commercial Code is optional, unless expressly agreed to be exclusive. If an exclusive or limited remedy fails its essential purpose or is deemed unconscionable, the remedy provided in the Uniform Commercial Code may be sought. Consequential damages may be liquidated, limited, altered, or excluded, unless such limitation, alteration, or exclusion is unconscionable. However, the limitation, alteration, or exclusion of consequential damages for injury to the person in the case of consumer goods is considered prima facie unconscionable. This legal document does not impair the rights and remedies of the lessor or lessee with respect to any collateral or ancillary obligations or promises in the lease contract.
Whom does it apply to?
Lessors and lessees involved in lease agreements governed by the Uniform Commercial Code
What does it govern?
Modification or impairment of rights and remedies in lease agreements under the Uniform Commercial Code
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota