North Dakota Code 9-09-02 – Rescission – When permitted
A party to a contract may rescind the same in the following cases only:
Terms Used In North Dakota Code 9-09-02
- Contract: A legal written agreement that becomes binding when signed.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Fraud: Intentional deception resulting in injury to another.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
1. If the consent of the party rescinding or of any party jointly contracting with the party rescinding was given by mistake or obtained through duress, menace, fraud, or undue influence exercised by or with the connivance of the party as to whom the party rescinding rescinds or of any other party to the contract jointly interested with such party; 2. If through the fault of the party as to whom the party rescinding rescinds the consideration for the rescinding party’s obligation fails in whole or in part; 3. If such consideration becomes entirely void from any cause; 4. If such consideration before it is rendered to the party rescinding fails in a material respect from any cause; or
5. By consent of all of the other parties.