When either party repudiates the contract with respect to a performance not yet due, the loss of which will substantially impair the value of the contract to the other, the aggrieved party may:
Source: L. 65: p. 1331, § 1. C.R.S. 1963: § 155-2-610.
Prior Uniform Statutory Provision: See Sections 63(2) and 65, Uniform Sales Act.
Purposes: To make it clear that:
Under the present section when such a repudiation substantially impairs the value of the contract, the aggrieved party may at any time resort to his remedies for breach, or he may suspend his own performance while he negotiates with, or awaits performance by, the other party. But if he awaits performance beyond a commercially reasonable time he cannot recover resulting damages which he should have avoided.
Cross References:
Point 1: Sections 4-2-609 and 4-2-612.
Point 2: Section 4-2-609.
Point 3: Section 4-2-612.
Point 4: Section 4-1-203.
Definitional Cross References:
"Aggrieved party". Section 4-1-201.
"Contract". Section 4-1-201.
"Party". Section 4-1-201.
"Remedy". Section 4-1-201.
Structure Colorado Code
Title 4 - Uniform Commercial Code
Part 6 - Breach, Repudiation, and Excuse
§ 4-2-601. Buyer's Rights on Improper Delivery
§ 4-2-602. Manner and Effect of Rightful Rejection
§ 4-2-603. Merchant Buyer's Duties as to Rightfully Rejected Goods
§ 4-2-604. Buyer's Options as to Salvage of Rightfully Rejected Goods
§ 4-2-605. Waiver of Buyer's Objections by Failure to Particularize
§ 4-2-606. What Constitutes Acceptance of Goods
§ 4-2-608. Revocation of Acceptance in Whole or in Part
§ 4-2-609. Right to Adequate Assurance of Performance
§ 4-2-610. Anticipatory Repudiation
§ 4-2-611. Retraction of Anticipatory Repudiation
§ 4-2-612. "Installment Contract" - Breach
§ 4-2-613. Casualty to Identified Goods
§ 4-2-614. Substituted Performance