28-2-1711. When party may rescind. A party to a contract may rescind the contract in the following cases only:

(1) if the consent of the party rescinding or of any party jointly contracting with the party rescinding was given by mistake or obtained through duress, menace, fraud, or undue influence exercised by or with the connivance of the party as to whom the party rescinds or of any other party to the contract jointly interested with the party;

(2) if, through the fault of the party as to whom the other party rescinds, the consideration for the obligation of the party at fault fails in whole or in part;

(3) if the consideration becomes entirely void from any cause;

(4) if the consideration, before it is rendered to the rescinding party, fails in a material respect from any cause; or

(5) if all the other parties consent.