Oklahoma Contract Law

A contract is an agreement between two or more persons (individuals, businesses, organizations or government agencies) to do, or to refrain from doing, a particular thing in exchange for something of value. Contracts generally can be written, using formal or informal terms, or entirely verbal. If one side fails to live up to his/her/its part of the bargain, there's a "breach" and certain remedies for solving the differences are available. The terms of the contract - the who, what, where, when, and how of the agreement - define the binding promises of each party to the contract.

Contracts can be oral or written. All types of oral 'contracts' are legally binding, but it always best to 'get it in writing' so that there is less of a chance for breach of contract and to better define what the contract outlines. Oral contracts are more difficult to litigate unless there are several witnesses with a good understanding of the agreement.

In Oklahoma Contract Law, some contracts must be in writing to be enforceable. The types of contracts that must be in writing are:

• Contracts to convey an interest in real property,
• contracts for lease of real property for more than a year,
• contracts which, by their terms, must take longer than a year to complete, and
• contracts for the sale of goods in the amount of $500 or more.

If you have experienced a breach of contract, or need to have a contract written or reviewed by an experienced Oklahoma contract lawyer, please contact our offices at (405) 354-6800 or via our online contact form to set up an initial consultation.