(1) Subject to the provisions of subsections (2) and (3) of this section and of section 4-2-718 on liquidation and limitation of damages:
The agreement may provide for remedies in addition to or in substitution for thoseprovided in this article and may limit or alter the measure of damages recoverable under this article, as by limiting the buyer's remedies to return of the goods and repayment of the price or to repair and replacement of nonconforming goods or parts; and
Resort to a remedy as provided is optional unless the remedy is expressly agreed tobe exclusive, in which case, it is the sole remedy.
Where circumstances cause an exclusive or limited remedy to fail of its essentialpurpose, remedy may be had as provided in this title.
Consequential damages may be limited or excluded unless the limitation or exclusionis unconscionable. Limitation of consequential damages for injury to the person in the case of consumer goods is prima facie unconscionable, but limitation of damages where the loss is commercial is not.
Source: L. 65: p. 1342, § 1. C.R.S. 1963: § 155-2-719.
Effect of "cancellation" or "rescission" on claims for antecedent breach.Unless the contrary intention clearly appears, expressions of "cancellation" or "rescission" of the contract or the like shall not be construed as a renunciation or discharge of any claim in damages for an antecedent breach.
Source: L. 65: p. 1342, § 1. C.R.S. 1963: § 155-2-720.
Remedies for fraud. Remedies for material misrepresentation or fraud include all remedies available under this article for nonfraudulent breach. Neither rescission or a claim for rescission of the contract for sale nor rejection or return of the goods shall bar or be deemed inconsistent with a claim for damages or other remedy.
Source: L. 65: p. 1342, § 1. C.R.S. 1963: § 155-2-721.
Who can sue third parties for injury to goods. Where a third party so deals with goods which have been identified to a contract for sale as to cause actionable injury to a party to that contract:
A right of action against the third party is in either party to the contract for sale whohas title to or a security interest or a special property or an insurable interest in the goods; and if the goods have been destroyed or converted, a right of action is also in the party who either bore the risk of loss under the contract for sale or has since the injury assumed that risk as against the other;
If at the time of the injury the party plaintiff did not bear the risk of loss as againstthe other party to the contract for sale and there is no arrangement between them for disposition of the recovery, his suit or settlement is, subject to his own interest, as a fiduciary for the other party to the contract;
Either party may with the consent of the other sue for the benefit of whom it mayconcern.
Source: L. 65: p. 1343, § 1. C.R.S. 1963: § 155-2-722.