1. Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to a lessor's residual interest, may be liquidated in the lease agreement but only at an amount or by a formula that is reasonable in light of the then anticipated harm caused by the default or other act or omission. 2. If the lease agreement provides for liquidation of damages, and the provision does not comply with subsection 1, or the provision is an exclusive or limited remedy that circumstances cause to fail of its essential purpose, remedy may be had as provided in this chapter. 3. If the lessor justifiably withholds or stops delivery of goods because of the lessee's default or insolvency (section 41-02.1-73 or 41-02.1-74), the lessee is entitled to restitution of any amount by which the sum of the lessee's payments exceeds: a. The amount to which the lessor is entitled by virtue of terms liquidating the lessor's damages under subsection 1; or b. In the absence of those terms, twenty percent of the then present value of the total rent the lessee was obligated to pay for the balance of the lease term, or, in the case of a consumer lease, the lesser of that amount or five hundred dollars. 4. A lessee's right to restitution under subsection 3 is subject to offset to the extent the lessor establishes: a. A right to recover damages under the provisions of this chapter other than subsection 1; and b. The amount or value of any benefits received by the lessee directly or indirectly by reason of the lease contract.
41-02.1-53. (2A-505) Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies. 1. On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives, and the canceling party also retains any remedy for default of the whole lease contract or any unperformed balance. 2. On termination of the lease contract, all obligations that are still executory on both sides are discharged but any right based on prior default or performance survives. 3. Unless the contrary intention clearly appears, expressions of "cancellation", "rescission", or the like of the lease contract may not be construed as a renunciation or discharge of any claim in damages for an antecedent default. 4. Rights and remedies for material misrepresentation or fraud include all rights and remedies available under this chapter for default. 5. Neither rescission nor a claim for rescission of the lease contract nor rejection or return of the goods may bar or be deemed inconsistent with a claim for damages or other right or remedy.