Waiver or renunciation of claim or right after breach

A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in a signed record. History: 1953 Comp., § 50A-1-107, enacted by Laws 1961, ch. 96, § 1-107, § 50A-1- 107, enacted by Laws 1961, ch. 96, § 1-107; 1978 Comp. §55-1-107; recompiled by compiler as 1978 Comp. § 55-1-306; Laws 2005, ch. 144, § 20; 2023, ch. 142, § 4. OFFICIAL COMMENTS UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Source. — Former Section 1-107 [55-1-107 NMSA 1978]. Changes from former law. — Former Section 1-107, requiring the "delivery" of a "written waiver or renunciation" merged the separate concepts of the aggrieved party’s agreement to forego rights and the manifestation of that agreement. This section separates those concepts, and explicitly requires agreement of the aggrieved party. 1. This section makes consideration unnecessary to the effective renunciation or waiver of rights or claims arising out of an alleged breach of a contract where the agreement effecting such renunciation is memorialized in a record signed by the aggrieved party. Its provisions, however, must be read in conjunction with the section imposing an obligation of good faith. (Section 1-304 [55-1-304 NMSA 1978]). 2. Consistent with the revised definition of "sign" in Section 1-201 [55-1-201 NMSA 1978], the cognate term "signed" replaces the reference to "authenticated" in the pre- 2022 text of this section.