554.2209 Modification, rescission and waiver. 1. An agreement modifying a contract within this Article needs no consideration to be binding. 2. A signed agreement which excludes modification or rescission except by a signed writing cannot be otherwise modified or rescinded, but except as between merchants sucha requirement on a form supplied by the merchant must be separately signed by the otherparty. 3. The requirements of the statute of frauds section of this Article (section 554.2201) must be satisfied if the contract as modified is within its provisions. 4. Although an attempt at modification or rescission does not satisfy the requirements of subsection 2 or 3 it can operate as a waiver. 5. A party who has made a waiver affecting an executory portion of the contract may retract the waiver by reasonable notification received by the other party that strictperformance will be required of any term waived, unless the retraction would be unjust inview of a material change of position in reliance on the waiver. [C24, 27, 31, 35, 39, §9990; C46, 50, 54, 58, 62, §554.62; C66, 71, 73, 75, 77, 79, 81, §554.2209]Referred to in §554.1303 Sat Dec 23 01:49:33 2023 Iowa Code 2024, Section in reliance on the waiver. [C24, 27, 31, 35, 39, §9990; C46, 50, 54, 58, 62, §554.62; C66, 71, 73, 75, 77, 79, 81, §554.2209]Referred to in §554.1303 Sat Dec 23 01:49:33 2023 Iowa Code 2024, Section 554.2209 (25, 0)
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