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Can you summarize NHRS 382-A: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 New Hampshire Revised Statutes under the Uniform Commercial Code, governs the cancellation and termination of lease contracts and the effect of such actions on rights and remedies. According to the document, upon cancellation of the lease contract, any remaining obligations on both sides are discharged, but rights based on prior default or performance still survive. The cancelling party also retains any remedy for default or unperformed balance. On termination of the lease contract, all remaining obligations are discharged, but rights based on prior default or performance still survive. Expressions of ‘cancellation,’ ‘rescission,’ or similar terms do not renounce or discharge any claim for damages due to prior default. Material misrepresentation or fraud entitles the affected party to all rights and remedies available under this Article for default. Rescission, rejection, or return of the goods does not bar or contradict a claim for damages or other rights or remedies. The document does not specify any exemptions or penalties.
Whom does it apply to?
Parties involved in lease contracts
What does it govern?
Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
New Hampshire