Contract Law in Oklahoma

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Contract Law in Oklahoma

A contract is a binding legal agreement that is enforceable in a court of law. It is an exchange of promises, the breach of which the law will provide a remedy. Contracts generally can be written, using formal or informal terms, or entirely verbal. However, some types of contracts (such as the sale of real estate, a lease for more than on year, the sale of a good of value greater than $500) need to be in written and generally oral contracts are more difficult to litigate as there is wider discretion for interpretation on exactly what the agreement was.

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