Ask Reggi Your Question Now
Can you summarize NHRS 382-A:2A-402?
UNIFORM COMMERCIAL CODE > Anticipatory Repudiation.
Short Summary
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, specifically Chapter 382-A, governs lease contracts and the concept of anticipatory repudiation. Anticipatory repudiation refers to a situation where one party to a lease contract repudiates or rejects their obligation to perform a future action under the contract, which would substantially impair the value of the contract for the other party. In such cases, the aggrieved party has several options: (a) they can wait for a reasonable time for the repudiating party to retract their repudiation and perform as agreed, (b) they can demand assurance of future performance from the repudiating party, or (c) they can resort to any right or remedy available under the lease contract or the relevant provisions of the Uniform Commercial Code. The aggrieved party also has the right to suspend their own performance or, if they are the lessor, they can exercise their rights to identify goods or salvage unfinished goods as outlined in Section 2A-524 of the Uniform Commercial Code. The provision does not specify any penalties or exemptions.
Whom does it apply to?
Parties involved in lease contracts
What does it govern?
Lease contracts and anticipatory repudiation
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire