§ 1–107. Waiver or Renunciation of Claim or Right After Breach.

Any claim or right arising out of an alleged breach can be discharged in whole or in part without consideration by a written waiver or renunciation signed and delivered by the aggrieved party.

Prior Uniform Statutory Provision: Compare Section 1, Uniform Written Obligations Act; Sections 119(3), 120(2) and 122, Uniform Negotiable Instruments Law.

Purposes:

    This section makes consideration unnecessary to the effective renunciation or waiver of rights or claims arising out of an alleged breach of a commercial contract where such renunciation is in writing and signed and delivered by the aggrieved party. Its provisions, however, must be read in conjunction with the section imposing an obligation of good faith. (Section 1–203). There may, of course, also be an oral renunciation or waiver sustained by consideration but subject to Statute of Frauds provisions and to the section of Article 2 on Sales dealing with the modification of signed writings (Section 2–209). As is made express in the latter section this Act fully recognizes the effectiveness of waiver and estoppel.

Cross References:

Sections 1–203, 2–201 and 2–209. And see Section 2–719.

Definitional Cross References:

"Aggrieved party". Section 1–201.

"Rights". Section 1–201.

"Signed". Section 1–201.

"Written". Section 1–201.