New Jersey § 12a:2a-402
Full text of New Jersey New Jersey Statutes § 12a:2a-402, with citation guidance and answers to common questions.
§ 12a:2a-402.
If either party repudiates a lease contract with respect to a performance not yet
due under the lease contract, the loss of which performance will substantially impair
the value of the lease contract to the other, the aggrieved party may: (1) for a commercially reasonable time, await retraction of repudiation and performance
by the repudiating party; (2) make demand pursuant to 12A:2A-401 and await assurance of future performance adequate
under the circumstances of the particular case; or (3) resort to any right or remedy upon default under the lease contract or this chapter,
even though the aggrieved party has notified the repudiating party that the aggrieved
party would await the repudiating party's performance and assurance and has urged
retraction. In addition, whether or not the aggrieved party is pursuing one of the foregoing
remedies, the aggrieved party may suspend performance or, if the aggrieved party is
the lessor, proceed in accordance with the provisions of this chapter on the lessor's
right to identify goods to the lease contract notwithstanding default or to salvage
unfinished goods (12A:2A-524).
Frequently Asked Questions About New Jersey § 12a:2a-402
What does New Jersey Statutes § 12a:2a-402 cover?
Section 12a:2a-402 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 12a:2a-402?
A common citation format is "New Jersey Statutes § 12a:2a-402" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:2a-402 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.