Section 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 as to whom he rescinds, or of any other party to the contract jointly interested with such party;(2) If through fault of the party as to whom he rescinds, the consideration for his obligation fails in whole or in part;(3) If the consideration becomes entirely void from any cause;(4) If such consideration before it is rendered to him fails in a material respect from any cause; or(5) By consent of all the other parties. CivC 1877, § 965; CL 1887, § 3589; RCivC 1903, § 1283; RC 1919, § 904; SDC 1939, § 10.0802.