Source: L. 91: Entire article added, p. 282, § 1, effective July 1, 1992.
Uniform Statutory Source: Section 2-209.
Changes: Revised to reflect leasing practices and terminology, except that the provisions of subsection 2- 209(3) were omitted.
Purposes: Section 2-209(3) provides that "the requirements of the statute of frauds section of this Article (Section 2-201) must be satisfied if the contract as modified is within its provisions." This provision was not incorporated as it is unfair to allow an oral modification to make the entire lease contract unenforceable, e.g. if the modification takes it a few dollars over the dollar limit. At the same time, the problem could not be solved by providing that the lease contract would still be enforceable in its premodification state (if it then satisfied the statute of frauds) since in some cases that might be worse than no enforcement at all. Resolution of the issue is left to the courts based on the facts of each case.
Cross References:
Sections 2-201 and 2-209.
Definitional Cross References:
"Agreement". Section 1-201(3).
"Between merchants". Section 2-104(3).
"Lease agreement". Section 2A-103(1)(k).
"Lease contract". Section 2A-103(1)(l).
"Merchant". Section 2-104(1).
"Notification". Section 1-201(26).
"Party". Section 1-201(29).
"Signed". Section 1-201(39).
"Term". Section 1-201(42).
"Writing". Section 1-201(46).
Structure Colorado Code
Title 4 - Uniform Commercial Code
Part 2 - Formation and Construction of Lease Contract
§ 4-2.5-201. Statute of Frauds
§ 4-2.5-202. Final Written Expression: Parol or Extrinsic Evidence
§ 4-2.5-203. Seals Inoperative
§ 4-2.5-204. Formation in General
§ 4-2.5-206. Offer and Acceptance in Formation of Lease Contract
§ 4-2.5-207. Course of Performance or Practical Construction
§ 4-2.5-208. Modification, Rescission and Waiver
§ 4-2.5-209. Lessee Under Finance Lease as Beneficiary of Supply Contract
§ 4-2.5-210. Express Warranties
§ 4-2.5-212. Implied Warranty of Merchantability
§ 4-2.5-213. Implied Warranty of Fitness for Particular Purpose
§ 4-2.5-214. Exclusion or Modification of Warranties
§ 4-2.5-215. Cumulation and Conflict of Warranties Express or Implied
§ 4-2.5-216. Third-Party Beneficiaries of Express and Implied Warranties
§ 4-2.5-218. Insurance and Proceeds