Virginia § 59.1-503.5 - Terms to be specified
Full text of Virginia Code of Virginia § 59.1-503.5 — Terms to be specified, with citation guidance and answers to common questions.
§ 59.1-503.5. Terms to be specified
An agreement that is otherwise sufficiently definite to be a contract is not invalid because it leaves particulars of performance to be specified by one of the parties. If particulars of performance are to be specified by a party, the following rules apply:
(1) Specification must be made in good faith and within limits set by commercial reasonableness.
(2) If a specification materially affects the other party's performance but is not seasonably made, the other party:
(A) is excused for any resulting delay in its performance; and
(B) may perform, suspend performance, or treat the failure to specify as a breach of contract.
Frequently Asked Questions About Virginia § 59.1-503.5
What does Code of Virginia § 59.1-503.5 cover?
Section 59.1-503.5 ("Terms to be specified") is part of the Code of Virginia, the codified statutory law of Virginia. 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 Virginia § 59.1-503.5?
A common citation format is "Code of Virginia § 59.1-503.5" (Virginia). 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 Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 59.1-503.5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia 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 Virginia.