Title 15 — Title 15 — Contracts

A contract may be extinguished in like manner with any other obligation, and also in the manner prescribed by this article. R.L.1910, § 982.

A contract is extinguished by its rescission. R.L.1910, § 983.

A party to a contract may rescind the same in the following cases only: 1. If the consent of the party rescinding, or of any party jointly contracting with him, was given by mistake, or obtained through duress, menace, fraud, or undue influence, exercised by or with the connivanc…

Where the action, counter claim, cross claim or plea in intervention is timely brought for relief based on the theory of rescission, whether formerly the action would have been denominated rescission at law or rescission in equity, the service of a pleading on the adverse party s…

In an action, counter claim, cross claim or plea in intervention based on the theory of rescission of a contract, the court shall adjust the equities between the parties, and although the action is tried to a jury, the court may require the party to whom relief based on rescissio…

rescission. A stipulation that errors of description shall not avoid a contract, or shall be the subject of compensation, or both, does not take away the right of rescission for fraud, nor for mistake, where such mistake is in a matter essential to the inducement of the contract,…

Rescission, when not effected by consent, can be accomplished only by the use, on the part of the party rescinding, of reasonable diligence to comply with the following rules: 1. He must rescind promptly, upon discovering the facts which entitle him to rescind, if he is free from…

in part. A contract not in writing may be altered in any respect by consent of the parties, in writing, without a new consideration, and is extinguished thereby to the extent of the new alteration. R.L.1910, § 987.

A contract in writing may be altered by a contract in writing, or by an executed oral agreement, and not otherwise. R.L.1910, § 988.

The destruction or cancellation of a written contract, or of the signature of the parties liable thereon, with intent to extinguish the obligation thereof, extinguishes it as to all the parties consenting to the act. R.L.1910, § 989.

to benefit. The intentional destruction, cancellation, or material alteration of a written contract, by a party entitled to any benefit under it, or with his consent, extinguishes all the executory obligations of the contract in his favor, against parties who do not consent to th…

Wills after restoration. After his incapacity has been judicially determined, a person of unsound mind can make no conveyance or other contract, nor designate any power, nor waive any right, until his restoration to capacity is judicially determined. But if actually restored to c…

Where a contract is executed in duplicate, an alteration or destruction of one copy, while the other exists, is not within the provisions of the last section. R.L.1910, § 991.

One who obtains a thing without the consent of its owner, or by consent afterwards rescinded, or by an unlawful exaction which the owner could not at the time prudently refuse, must restore it to the person from whom it was thus obtained, unless he has acquired a title thereto su…

Exceptions. The restoration required by the last section must be made without demand; except where a thing is obtained by mutual mistake, in which case the party obtaining the thing is not bound to return it until he has notice of the mistake. R.L.1910, § 997.

This act shall be known and may be cited as the “Fair Practices of Equipment Manufacturers, Distributors, Wholesalers and Dealers Act”. Added by Laws 2011, c. 156, § 1, eff. Nov. 1, 2011.

The Legislature finds and declares that the retail distribution, sales and rental of agricultural, construction, utility, industrial, mining, outdoor power, forestry and lawn and garden equipment utilizing independent dealers operating under contract with the supplier, vitally af…

For the purposes of the Fair Practices of Equipment Manufacturers, Distributors, Wholesalers and Dealers Act: 1. “Current net parts price” means, with respect to current parts, the price for repair parts listed in the supplier’s price list or catalog in effect at the time the dea…

It shall be a violation of the Fair Practices of Equipment Manufacturers, Distributors, Wholesalers and Dealers Act for a supplier to take any one or more of the following actions: 1. To coerce, compel or require any dealer to accept delivery of any equipment or repair parts whic…

A. The dealer must give the supplier at least thirty (30) days’ prior written notice of termination. No supplier may terminate a dealer agreement without good cause. Except as otherwise specifically provided in the Fair Practices of Equipment Manufacturers, Distributors, Wholesal…

failure to approve or deny request - Death of dealer. A. Except as otherwise provided in this section, a supplier must provide a dealer at least one hundred eighty (180) days’ prior written notice of termination of a dealer agreement. The notice must state all reasons constitutin…

A. This section will only apply to single-line dealer agreements. B. No supplier may terminate a dealer agreement without good cause. For purposes of this section and Section 8 of this act only, “good cause” means failure by a dealer to comply with requirements imposed upon the d…

A. This section shall only apply to single-line dealer agreements. B. If a dealer dies, a supplier shall have ninety (90) days in which to consider and make a determination on a request by a family member to enter into a new dealer agreement to operate the dealership. If the supp…

A. If a dealer submits a warranty claim to a supplier while the dealer agreement is in effect or within sixty (60) days after the termination of the dealer agreement, if the claim is for work performed before the termination or expiration of the dealer agreement, the supplier mus…

A. Whenever any dealer enters into a dealer agreement with a supplier and either the supplier or the dealer desires to terminate, or otherwise discontinue the dealer agreement, the supplier shall pay to the dealer or credit to the dealer’s account, if the dealer has outstanding a…

The provisions of the Fair Practices of Equipment Manufacturers, Distributors, Wholesalers and Dealers Act shall not require the repurchase from a dealer of: 1. Any repair part which is in a broken or damaged package; provided, however, the supplier will be required to repurchase…

If any supplier violates any provision of this act, a dealer may bring an action against such supplier in a court of competent jurisdiction for damages sustained by the dealer as a consequence of the supplier’s violation, including, but not limited to, damages for lost profits, t…

An attempted waiver of a provision of this act or application of this act shall be void. Any provision in a dealer agreement that purports to elect the application of the law of a state other than this state shall be void. Any provision in a dealer agreement that requires a deale…

A minor, or a person of unsound mind, of whatever degree, is civilly liable for a wrong done by him, in like manner as any other person. R.L.1910, § 891.

The provisions of the Fair Practices of Equipment Manufacturers, Distributors, Wholesalers and Dealers Act shall apply to: 1. All dealer agreements now in effect which have no expiration date and are continuing contracts; and 2. All other dealer agreements entered into or renewed…

The provisions of the Fair Practices of Equipment Manufacturers, Distributors, Wholesalers and Dealers Act shall be supplemental to any dealer agreement between the dealer and the supplier which provides the dealer with greater protection. The dealer can elect to pursue its contr…

Any person who is injured in his business or property by a violation of this act or because he refuses to accede to a proposal for an arrangement which, if consummated, would be in violation of this act, may bring a civil action in a court of competent jurisdiction in this state …

A minor or person of unsound mind cannot be subjected to exemplary damages, unless at the time of the act he was capable of knowing that it was wrongful. R.L.1910, § 892.

Except when the parties otherwise expressly agree in writing, a borrower of money must pay the amount due in such money as is current at the time when the loan becomes due, whether such money is worth more or less than the actual money lent. R.L. 1910, § 1000. Amended by Laws 199…

Whenever a loan of money is made, it is presumed to be made upon interest, unless it is otherwise expressly stipulated at the time in writing. R.L.1910, § 1001.

Interest is the compensation allowed for the use or forbearance or detention of money, or its equivalent. Laws 1970, c. 224, § 1, emerg. eff. April 15, 1970.

When a rate of interest is prescribed by a law or contract, without specifying the period of time by which such rate is to be calculated, it is to be deemed an annual rate. R.L.1910, § 1003.

The legal rate of interest shall be six percent (6%) in the absence of any contract as to the rate of interest, and by contract parties may agree to any rate as may be authorized by law, now in effect or hereinafter enacted. R.L.1910, § 1004; Laws 1970, c. 224, § 3, emerg. eff. A…

A minor may enforce his rights by civil action, or other legal proceedings, in the same manner as a person of full age, except that a guardian must be appointed to conduct the same. R.L.1910, § 893.

for violating usury laws - Procedure. It shall be the duty of the officers of all state banks, organized and doing business under and by virtue of the laws of the state, to make a sworn quarterly report to the Bank Commissioner, setting forth the rate of interest charged, retaine…

Any legal rate of interest, stipulated by a contract, remains chargeable after a breach thereof, as before, until the contract is superseded by a verdict or other new obligation. R.L.1910, § 1009.

default - Attorney fees. In any civil action to collect upon an obligation to repay money after default, the party prevailing on such cause of action shall be awarded a reasonable attorney's fee. This attorney's fee shall be assessed by the court as costs against the losing party…

It is essential to the validity of the contract, not only that the parties should exist, but that it should be possible to identify them. R.L.1910, § 894.

A contract, made expressly for the benefit of a third person, may be enforced by him at any time before the parties thereto rescind it. R.L.1910, § 895.

A loan for use is a contract by which one gives to another the temporary possession and use of personal property, and the latter agrees to return the same thing to him at a future time without reward for its use. R.L.1910, § 1010.

A loan for use does not transfer the title to the thing; and all its increase during the period of the loan belongs to the lender. R.L.1910, § 1011.

A borrower for use must use great care for the preservation in safety in good condition of the thing borrowed. R.L.1910, § 1012.

One who borrows a living animal for use must treat it with great kindness, and provide everything necessary and suitable for it. R.L. 1910, § 1013.

A borrower for use is bound to have and to exercise such skill in the care of the thing borrowed, as he causes the lender to believe him to possess. R.L.1910, § 1014.

A borrower for use must repair all deteriorations or injuries to the thing lent, which are occasioned by his negligence, however slight. R.L.1910, § 1015.