1. The general parties shall exercise the cancellation right within one year from the date when they know or should know the reasons for cancellation.
2. The party who exercises the cancellation right due to a major misunderstanding shall exercise the cancellation right within 90 days from the date when he knows or should know the cause of cancellation.
3. If the party is coerced, he shall exercise his cancellation right within one year from the date of termination of the coercive act.
4. The cancellation right shall be extinguished if the party clearly expresses or indicates by his own behavior that he waives the cancellation right after he knows the reasons for cancellation.
5. If the party concerned fails to exercise the cancellation right within five years from the date of the occurrence of the civil juristic act, the cancellation right shall be extinguished.
[Legal Basis]
In Article 152 of the Civil Code, the cancellation right shall be extinguished under any of the following circumstances:
（1） The parties failed to exercise the cancellation right within one year from the date when they knew or should have known the cause of cancellation, or within 90 days from the date when the parties with a serious misunderstanding knew or should have known the cause of cancellation;
（2） The party concerned, under duress, fails to exercise the right of revocation within one year from the date of termination of the coercive act;
（3） After knowing the cause of cancellation, the party concerned clearly expresses or indicates by his own behavior that he waives the right of cancellation.
If the party concerned fails to exercise the right of revocation within five years from the date of the occurrence of the civil juristic act, the right of revocation shall be extinguished.
