(a) General rule.-- A term providing that one party or his successor in interest may accelerate payment or performance or require collateral or additional collateral "at will" or "when he deems himself insecure" or in words of similar import must be construed to mean that he has power to do so only if he in good faith believes that the prospect of payment or performance is impaired. (b) Burden of proof.-- With respect to a consumer lease, the burden of establishing good faith under subsection (a) is on the party who exercised the power; otherwise, the burden of establishing lack of good faith is on the party against whom the power has been exercised. CHAPTER 2A2 FORMATION AND CONSTRUCTION OF LEASE CONTRACT Sec. 2A201. Statute of frauds. 2A202. Final expression: parol or extrinsic evidence. 2A203. Seals inoperative. 2A204. Formation in general. 2A205. Firm offers. 2A206. Offer and acceptance in formation of lease contract. 2A207. Course of performance or practical construction (Deleted by amendment). 2A208. Modification, rescission and waiver. 2A209. Lessee under finance lease as beneficiary of supply contract. 2A210. Express warranties. 2A211. Warranties against interference and against infringement; lessee's obligation against infringement. 2A212. Implied warranty of merchantability. 2A213. Implied warranty of fitness for particular purpose. 2A214. Exclusion or modification of warranties. 2A215. Cumulation and conflict of warranties express or implied. 2A216. Third party beneficiaries of express and implied warranties. 2A217. Identification. 2A218. Insurance and proceeds. 2A219. Risk of loss. 2A220. Effect of default on risk of loss. 2A221. Casualty to identified goods.
‹ Prev All Pennsylvania sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.