28-2-1713: How rescission accomplished.

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 the following rules:

(1) The rescinding party shall rescind promptly upon discovering the facts that entitle the party to rescind if the party is free from duress, menace, undue influence, or disability and is aware of the right to rescind.

(2) The rescinding party shall restore to the other party everything of value that the rescinding party has received from the other party under the contract or shall offer to restore everything of value, upon condition that the other party shall do likewise, unless the other party is unable or positively refuses to do so.