554.2612 '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 'eachdelivery 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 nonconformityis a defect in the required documents; but if the nonconformity does not fall within subsection3 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. Butthe aggrieved party reinstates the contract if the aggrieved party accepts a nonconforminginstallment without seasonably notifying of cancellation or if the aggrieved party bringsan action with respect only to past installments or demands performance as to futureinstallments. [C24, 27, 31, 35, 39, §9974; C46, 50, 54, 58, 62, §554.46; C66, 71, 73, 75, 77, 79, 81, §554.2612]Referred to in ith respect only to past installments or demands performance as to futureinstallments. [C24, 27, 31, 35, 39, §9974; C46, 50, 54, 58, 62, §554.46; C66, 71, 73, 75, 77, 79, 81, §554.2612]Referred to in §554.2103, 554.2601, 554.2616, 554.2703, 554.2711 Sat Dec 23 01:52:09 2023 Iowa Code 2024, Section 554.2612 (24, 0)
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