Thailand Civil and Commercial law: annulling of a contract or the unmaking of a contract between parties.
RESCISSION OF CONTRACT
Section 386. If by contract or by the provisions of law one party has the right of rescission, such rescission is made by a declaration of intention to the other party.
The declaration of intention in the foregoing paragraph cannot be revoked.
Section 387. If one part does not perform the obligation, the other party may fix a reasonable period and notify him to perform within that period. If he does not perform within that period, the other party may rescind the contract.
Section 388. If the object of a contract according to its nature or to an intention declared by the parties can be accomplished only by performance at a fixed time or within a fixed period, and such time or period has passed without one of the parties having performed, the other party may rescind the contract without the notification mentioned in the foregoing section.
Section 389. If performance becomes wholly or party impossible by a cause attributable to the debtor, the creditor may rescind the contract.
Section 390. If in a contract there are several persons on the one or the other side, the right of rescission may be exercised only by all and against all. If the right of rescission is extinguished in respect of one of those persons entitled, also in respect of the others.
Section 391. If one party has exercised his right of rescission, each party is bound to restore the other to his former condition; but the rights of third persons cannot be impaired.
To money which is to be repaid in the case of the foregoing paragraph interest is to be paid from the time when it was received.
For services rendered and for allowing the use of a thing the restitution shall be made by paying the value, or, if in the contract a counter-payment in money is stipulated for, this shall be paid.
The exercise of the right of rescission does not affect a claim for damages.
Section 392. The obligations of the parties resulting from rescission shall be performed according to the provisions of Section 369.
Section 393. If no period is fixed for the exercise of the right of rescission, the other party may fix a reasonable period and notify the party having a right of rescission to declare within such period whether he will rescind or not. If notice of rescission is not received within such period, the right of rescission is extinguished.
Section 394. The right of rescission is extinguished when the person entitled has, by his own act or fault, essentially damaged the thing which is the subject of a contract or has rendered the restitution thereof impossible or has charged into a thing of a different kind by working it up or remodeling it.
If without the act or fault of the person who has the right of rescission the thing which is the subject of the contract has been lost or damaged, the right of rescission is not extinguished.