The statute is based on:
U.C.C. § 2-508, Cure by Seller of Improper Tender or Delivery; Replacement, provides in pertinent part that if a buyer rejects tender or delivery by the seller because it is non-conforming and the time for performance has not yet expired, the seller may notify the buyer of his intention to cure and then make a conforming delivery within the contract time. If a buyer rejects a non-conforming tender which the seller reasonably believed would be acceptable, the seller may seasonably notify the buyer and substitute a conforming tender with a reasonable time.
See full text of the New York Statute below.