§2-612. "Installment contract"; breach

Link to law: http://legislature.vermont.gov/statutes/section/09A/002/00612
Published: 2015

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The Vermont Statutes Online



Uniform Commercial Code






2-612. "Installment contract"; breach

(1) An

"installment contract" is one which requires or authorizes the

delivery of goods in separate lots to be separately accepted, even though the

contract contains a clause "each delivery is a separate contract" or

its equivalent.

(2) The buyer

may reject any installment which is nonconforming if the nonconformity

substantially impairs the value of that installment and cannot be cured or if

the nonconformity is a defect in the required documents; but if the nonconformity

does not fall within subsection (3) of this section and the seller gives

adequate assurance of its cure the buyer must accept that installment.

(3) Whenever

nonconformity or default with respect to one or more installments substantially

impairs the value of the whole contract there is a breach of the whole. But the

aggrieved party reinstates the contract if he accepts a nonconforming

installment without seasonably notifying of cancellation or if he brings an

action with respect only to past installments or demands performance as to

future installments.