§2-1503. Modification or impairment of rights and remedies
(1).
Except as otherwise provided in this Article, the lease agreement may include rights and remedies for default in addition
to or in substitution for those provided in this Article and may limit or alter the measure of damages recoverable under this
Article.
[
1991, c. 805, §4 (NEW)
.]
(2).
Resort to a remedy provided under this Article or in the lease agreement is optional unless the remedy is expressly agreed
to be exclusive. If circumstances cause an exclusive or limited remedy to fail of its essential purpose, or provision for
an exclusive remedy is unconscionable, remedy may be had as provided in this Article.
[
1991, c. 805, §4 (NEW)
.]
(3).
Consequential damages may be liquidated under section 2-1504, or may otherwise be limited, altered or excluded unless the
limitation, alteration or exclusion is unconscionable. Limitation, alteration or exclusion of consequential damages for injury
to the person in the case of consumer goods is prima facie unconscionable but limitation, alteration or exclusion of damages
where the loss is commercial is not prima facie unconscionable.
[
1991, c. 805, §4 (NEW)
.]
(4).
Rights and remedies on default by the lessor or the lessee with respect to any obligation or promise collateral or ancillary
to the lease contract are not impaired by this Article.
[
1991, c. 805, §4 (NEW)
.]
SECTION HISTORY
1991, c. 805, §4 (NEW).
Data for this page extracted on 10/16/2012 08:20:53.