12.04.050 Anticipatory Repudiation; Retraction

(a) When either party repudiates the contract with respect to a performance not yet due, the loss of which will substantially impair the value of the contract to the other, the aggrieved party may:

(1) Await performance by the repudiating party for a commercially reasonable time; or

(2) Resort to any remedy for breach; and

(3) In either case, suspend his own performance.

(b) Until the repudiating party's next performance is due, he can retract his repudiation, unless the aggrieved party has since the repudiation cancelled or materially changed his position, or otherwise indicated that he considers the repudiation final.

(c) Retraction reinstates the repudiating party's rights under the contract with due allowance to the aggrieved party for any delay occasioned by the repudiation.