Title 11, Chapter 2, Section 209
( 11-2-209)
Modification, rescission, and waiver. (1) An agreement modifying a contract within this article needs no
consideration to be binding. (2) A signed agreement which excludes modification or rescission
except by a signed writing cannot be otherwise modified or
rescinded, but except as between merchants such a requirement on a
form supplied by the merchant must be separately signed by the other
party. (3) The requirements of the statute of frauds section of this article (Code Section 11-2-201) must be satisfied if the contract as modified is within its provisions. (4) Although an attempt at modification or rescission does not
satisfy the requirements of subsection (2) or (3) of this Code
section it can operate as a waiver. (5) A party who has made a waiver affecting an executory portion of
the contract may retract the waiver by reasonable notification
received by the other party that strict performance will be required
of any term waived, unless the retraction would be unjust in view of
a material change of position in reliance on the waiver. | 
