Unless the contrary intention clearly appears, expressions of "cancellation" or "rescission" of the contract or the like shall not be construed as a renunciation or discharge of any claim in damages for an antecedent breach.
History: 1953 Comp., § 50A-2-720, enacted by Laws 1961, ch. 96, § 2-720.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Prior uniform statutory provision. — None.
Purpose. — This section is designed to safeguard a person holding a right of action from any unintentional loss of rights by the ill-advised use of such terms as "cancellation", "rescission", or the like. Once a party's rights have accrued they are not to be lightly impaired by concessions made in business decency and without intention to forego them. Therefore, unless the cancellation of a contract expressly declares that it is "without reservation of rights", or the like, it cannot be considered to be a renunciation under this section.
Cross reference. — Section 1-107.
"Cancellation". Section 2-106.
"Contract". Section 1-201.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Measure and elements of recovery of buyer rescinding sale of domestic animal for seller's breach of warranty, 35 A.L.R.2d 1273.
77A C.J.S. Sales § 121 et seq.
Structure New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Section 55-2-701 - Remedies for breach of collateral contracts not impaired.
Section 55-2-702 - Seller's remedies on discovery of buyer's insolvency.
Section 55-2-703 - Seller's remedies in general.
Section 55-2-705 - Seller's stoppage of delivery in transit or otherwise.
Section 55-2-706 - Seller's resale including contract for resale.
Section 55-2-707 - "Person in the position of a seller."
Section 55-2-708 - Seller's damages for nonacceptance or repudiation.
Section 55-2-709 - Action for the price.
Section 55-2-710 - Seller's incidental damages.
Section 55-2-711 - Buyer's remedies in general; buyer's security interest in rejected goods.
Section 55-2-712 - "Cover"; buyer's procurement of substitute goods.
Section 55-2-713 - Buyer's damages for nondelivery or repudiation.
Section 55-2-714 - Buyer's damages for breach in regard to accepted goods.
Section 55-2-715 - Buyer's incidental and consequential damages.
Section 55-2-716 - Buyer's right to specific performance or replevin.
Section 55-2-717 - Deduction of damages from the price.
Section 55-2-718 - Liquidation or limitation of damages; deposits.
Section 55-2-719 - Contractual modification or limitation of remedy.
Section 55-2-720 - Effect of "cancellation" or "rescission" on claims for antecedent breach.
Section 55-2-721 - Remedies for fraud.
Section 55-2-722 - Who can sue third parties for injury to goods.
Section 55-2-723 - Proof of market price; time and place.
Section 55-2-724 - Admissibility of market quotations.
Section 55-2-725 - Statute of limitations in contracts for sale.