The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
47-2A505 - Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies
47-2A505. Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies
A. On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives, and the cancelling party also retains any remedy for default of the whole lease contract or any unperformed balance.
B. On termination of the lease contract, all obligations that are still executory on both sides are discharged but any right based on prior default or performance survives.
C. Unless the contrary intention clearly appears, expressions of "cancellation", "rescission" or the like of the lease contract may not be construed as a renunciation or discharge of any claim in damages for an antecedent default.
D. Rights and remedies for material misrepresentation or fraud include, without limitation, all rights and remedies available under this Article for default.
E. Neither rescission nor a claim for rescission of the lease contract nor rejection or return of the goods may bar or be deemed inconsistent with a claim for damages or other right or remedy.