ORS 72.2090¹
Modification, rescission and waiver

(1) An agreement modifying a contract within this chapter needs no consideration to be binding.

(2) A signed agreement which excludes modification or rescission except by a signed writing cannot be otherwise modified or rescinded, but except as between merchants such a requirement on a form supplied by the merchant must be separately signed by the other party.

(3) The requirements of ORS 72.2010 (Formal requirements: statute of frauds), relating to the statute of frauds must be satisfied if the contract as modified is within its provisions.

(4) Although an attempt at modification or rescission does not satisfy the requirements of subsection (2) or (3) of this section, it can operate as a waiver.

(5) A party who has made a waiver affecting an executory portion of the contract may retract the waiver by reasonable notification received by the other party that strict performance will be required of any term waived, unless the retraction would be unjust in view of a material change of position in reliance on the waiver. [1961 c.726 §72.2090 (Modification, rescission and waiver)]

Notes of Decisions

Validity of either common law accord and satisfac­tion or the modifica­tion of a contract under this sec­tion does not depend on the validity of the claim involved, except to the extent that the claim must be made in good faith. Ruble Forest Prod., Inc. v. Lancer Mobile Homes of Ore., Inc., 269 Or 315, 524 P2d 1204 (1974)

An agree­ment modifying a contract must have been made in good faith to be binding. Ruble Forest Prod., Inc. v. Lancer Mobile Homes of Ore., Inc., 269 Or 315, 524 P2d 1204 (1974)

Chapter 72

Law Review Cita­tions

53 OLR 468-473 (1974); 58 OLR 545 (1980)

1 Legislative Counsel Committee, CHAPTER 72—Sales, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors72.­pdf (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 72, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­072ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information