Adequate Assurances Flashcards
1
Q
Rule 2-609:
A
If a party has reasonable grounds for insecurity they may demand adequate assurances and can suspend performance. If adequate assurance is not given in reasonable amount of time, anticipatory repudiation has occurred. Anticipatory repudiation is always a breach.
2
Q
What governs reasonable assurances?
A
Reasonable Assurances are governed by Commercial Guidelines
3
Q
Reasonable Assurances under the UCC
A
UCC demands that Reasonable Assurances are in writing.
