(1) If, in the case of a reciprocal contract, the obligor does not render an act of performance which is due, or does not render it as contractually agreed, then the obligee may rescind the contract, provided the obligee has specified, without result, an additional period of time for performance or cure.
(2) Specifying a period of time may be dispensed with if
1. the obligor seriously and definitively refuses performance,
2. the obligor does not render performance by a date specified in the contract or within a period of time specified in the contract, in spite of the fact that, according to a notice given by the obligee to the obligor prior to conclusion of the contract or based on other circumstances attending at the time of its conclusion, the performance as per the date specified or within the period of time specified is of essential importance to the obligee, or
3. in the case of work not having been carried out as contractually agreed, special circumstances exist that, having weighed the interests of both parties against each other, justify immediate rescission.
(3) If the nature of the breach of duty is such that setting a period of time is not an available option, a warning notice takes the place of setting the period of time.
(4) The obligee may revoke the contract before performance is due if it is obvious that the prerequisites for rescission will be met.
(5) If the obligor has performed in part, the obligee may revoke the whole contract only if the obligee has no interest in part performance. If the obligor has not performed as contractually agreed, the obligee may not revoke the contract if the breach of duty is trivial.
(6) Rescission is excluded if the obligee is solely or very predominantly responsible for the circumstance that would entitle them to rescind the contract or if the circumstance for which the obligor is not responsible occurs at a time when the obligee is in default of acceptance.