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Can you summarize MNST 336.2A-505?
UNIFORM COMMERCIAL CODE > CANCELLATION AND TERMINATION AND EFFECT OF CANCELLATION, TERMINATION, RESCISSION, OR FRAUD ON RIGHTS AND REMEDIES.
Short Summary
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the cancellation, termination, rescission, or fraud in lease contracts. It outlines the effects of cancellation and termination on the obligations of both parties involved in the lease contract. Upon cancellation, all remaining obligations are discharged, but rights based on prior default or performance still survive. Similarly, termination of the lease contract results in the discharge of remaining obligations, but rights based on prior default or performance continue. The document clarifies that expressions of cancellation or rescission do not discharge any claim for damages due to prior default. It also states that rights and remedies for material misrepresentation or fraud include all available remedies for default. Additionally, it highlights that rescission, rejection, or return of the goods does not bar a claim for damages or other rights or remedies. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Parties involved in lease contracts
What does it govern?
Cancellation, termination, rescission, or fraud in lease contracts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Minnesota