53-11-1. Extinguishment of contracts–Methods. A contract may be extinguished in like manner as any other obligation and also by rescission, alteration, and cancellation, as provided by statute. Source: CivC 1877, §§963, 964; CL 1887, §§3587, 3588; RCivC 1903, §§1281, 1282; RC 1919, §§902, 903; SDC 1939, §10.0801.
53-11-2. Rescission by party to contract–Grounds. A party to a contract may rescind the same in the following cases only: (1)If consent of the party rescinding or of any party jointly contracting with him was given by mistake or obtained through duress, fraud, or undue influence exercised by or with the connivance of the party […]
53-11-3. Rescission not effected by consent–Accomplishment by use of diligence to comply with rules governing rescission. Rescission, when not effected by consent can be accomplished only by the use, on the part of the party rescinding, of reasonable diligence to comply with §§53-11-4 and 53-11-5. Source: CivC 1877, §967; CL 1887, §3591; RCivC 1903, §1285; […]
53-11-4. Prompt action by party rescinding on discovery of duress, undue influence, or disability. The party rescinding a contract must rescind promptly, upon discovering the facts which entitle him to rescind, if he is free from duress, undue influence, or disability, and is aware of his right to rescind. Source: CivC 1877, §967, subdiv 1; […]
53-11-5. Restoration of everything of value by party rescinding. The party rescinding a contract must restore to the other party everything of value which he has received from him under the contract, or must offer to restore the same, upon condition that such party shall do likewise, unless the latter is unable or positively refuses […]
53-11-6. Extinction by destruction or cancellation of contract or signatures by consent. The destruction or cancellation of a written contract or of the signatures of the parties liable thereon with intent to extinguish the obligation thereof, extinguishes it as to all the parties consenting to the act. Source: CivC 1877, §970; CL 1887, §3594; RCivC […]
53-11-7. Extinction by intentional destruction, cancellation or alteration of contract–Alteration or destruction of duplicate, not to prejudice. The intentional destruction, cancellation, or material alteration of a written contract by a party entitled to any benefit under it, or with his consent, extinguishes all the executory obligations of the contract in his favor against parties who […]
