North Dakota Code 9-09-03 – Rescission permitted notwithstanding provisions against
Current as of: 2023 | Check for updates
|
Other versions
A stipulation that errors of description shall not avoid a contract or shall be the subject of compensation, or both, does not take away the right of rescission for fraud, nor for mistake when such mistake is in a matter essential to the inducement of the contract and is not capable of exact and entire compensation.
Terms Used In North Dakota Code 9-09-03
- Contract: A legal written agreement that becomes binding when signed.
- Fraud: Intentional deception resulting in injury to another.
- Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC