                                 CODE OF VIRGINIA

MODIFICATION AND RESCISSION (§ 59.1-503.3)

a. An agreement modifying a contract subject to this chapter needs no
consideration to be binding.

b. An authenticated record that precludes modification or rescission except by
an authenticated record may not otherwise be modified or rescinded. In a
standard form supplied by a merchant to a consumer, a term requiring an
authenticated record for modification of the contract is not enforceable unless
the consumer manifests assent to the term.

c. A modification of a contract and the contract as modified must satisfy the
requirements of &#xA7;&#xA7; 59.1-502.1 (a) and 59.1-503.7 (f) if the contract
as modified is within those provisions.

d. An attempt at modification or rescission which does not satisfy subsection
(b) or (c) may operate as a waiver if &#xA7; 59.1-507.2 is satisfied.

HISTORY: 2000, cc. 101, 996.