§ 25-2A-505. Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies. - North Carolina Statutes

§25‑2A‑505.  Cancellation and termination and effect ofcancellation, termination, rescission, or fraud on rights and remedies.

(1)        On cancellation ofthe lease contract, all obligations that are still executory on both sides aredischarged, but any right based on prior default or performance survives, andthe cancelling party also retains any remedy for default of the whole leasecontract or any unperformed balance.

(2)        On termination ofthe lease contract, all obligations that are still executory on both sides aredischarged, but any right based on prior default or performance survives.

(3)        Unless the contraryintention clearly appears, expressions of "cancellation","rescission", or the like of the lease contract may not be construedas a renunciation or discharge of any claim in damages for an antecedentdefault.

(4)        Rights and remediesfor material misrepresentation or fraud include all rights and remediesavailable under this Article for default.

(5)        Neither rescissionnor a claim for rescission of the lease contract nor rejection or return of thegoods may bar or be deemed inconsistent with a claim for damages or other rightor remedy. (1993, c. 463, s. 1.)