Article 450. The Grounds for the Amendment and the Cancellation of the Contract
1. The amendment and the cancellation of the contract shall be possible only by an agreement between the parties, unless otherwise stipulated by the present Code, by the other legal acts or by the contract.
2. Upon the demand of one of the parties, the contract may be amended or cancelled by the court decision only:
- in case of an essential violation of the contract by the other party;
- in the other cases, stipulated by the present Code, by the other legal acts or by the contract.
As an essential violation shall be recognized such violation of the contract by one of the parties, which entails for the other party the losses, to a considerable extent depriving it of what it could have counted upon when concluding the contract.
3. In case of the unilateral refusal to discharge the contract in full or in part, when such refusal is admitted by the law or by the agreement between the parties, the contract shall be correspondingly regarded as cancelled or as amended.