A party may rescind a contract without the consent of the opposite party on the ground of nonperformance by that party but only when both parties can be restored to the condition in which they were before the contract was made.
(Orig. Code 1863, § 2801; Code 1868, § 2809; Code 1873, § 2860; Code 1882, § 2860; Civil Code 1895, § 3712; Civil Code 1910, § 4306; Code 1933, § 20-907.)
RESEARCH REFERENCES
Am. Jur. 2d.
- 17 Am. Jur. 2d, Contracts, §§ 458, 482, 490 et seq., 517, 518.
C.J.S.- 17A C.J.S., Contracts, §§ 389, 418, 432, 444 et seq.
ALR.
- Presence of noxious weeds as ground for rescission of contract for purchase of land, 2 A.L.R. 1511.
Time for rescission by purchaser of chattel for fraud or breach of warranty, 72 A.L.R. 726.
Action involving rescission or right to rescind contract and to recover amount paid thereunder as one at law or in equity, 95 A.L.R. 1000.
Action based on rescission of contract as one arising on contract, express or implied, within the meaning of attachment statute, 95 A.L.R. 1028.
Stamp or transfer tax as payable in respect of tender or return of securities or documents incident to rescission of contract, 100 A.L.R. 1420.
Pecuniary damage as essential to rescission of contract for purchase of real or personal property, 106 A.L.R. 125.
Owner's right to rescind building and construction contract for default of contractor, 107 A.L.R. 1035.
Remedy of rescission for grantee's breach of agreement to support grantor, 112 A.L.R. 670.
Breach of obligation to pay tax or assessment on land sold as ground for rescission of contract, 139 A.L.R. 971.
Partial rescission of contract, 148 A.L.R. 417.
Assignability of right to rescind or of right to return of money or other property as incident of rescission, 162 A.L.R. 743.
Compensation as alternative relief upon denial of rescission to purchaser of land, 175 A.L.R. 686.
Notice of rescission as irrevocable election when other party refuses to assent thereto, 1 A.L.R.2d 1084.
Rescission of corporate stock sale or transaction as authorizing court to award recovery of requisite number of shares to party entitled to relief, 14 A.L.R.2d 855.
Commitment of grantor to institution for insane as ground for setting aside conveyance in consideration of support, 18 A.L.R.2d 906.
Measure of infant's recovery for value of chattel traded for another upon his rescission of the transaction, 52 A.L.R.2d 1114.
Timeliness of tender or offer of return of consideration for release or compromise, required as a condition of setting it aside, 53 A.L.R.2d 757.
What constitutes abandonment of land contract by vendee, 68 A.L.R.2d 581.
Venue of action for rescission or cancellation of contract relating to interests in land, 77 A.L.R.2d 1014.
Right of lessor to cancel oil or gas lease for breach of implied obligation to explore and develop further after initial discovery of oil or gas, in absence of showing reasonable expectation of profit to lessee from further drilling, 79 A.L.R.2d 792.
Effect of attempt to terminate employment or agency contract upon shorter notice than that stipulated in contract, 96 A.L.R.2d 272.
Enforceability of contract to make will in return for services, by one who continues performance after death of person originally undertaking to serve, 84 A.L.R.3d 930.
ARTICLE 5 RELEASE