Contracts
An Oklahoma real estate contract that is 'void' is:
AValid but can be cancelled by one party
BNot a contract at all — it has no legal effect from the beginning✓ Correct
CEnforceable only by the non-breaching party
DValid until one party disaffirms it
Explanation
A void contract is one that has no legal effect whatsoever — it is not a contract at all. Examples include contracts for illegal purposes. A voidable contract, by contrast, is valid but can be cancelled by one party (such as a contract with a minor).
Related Oklahoma Contracts Questions
- An Oklahoma buyer waives their right to an inspection during a multiple-offer situation to make their offer more competitive. The seller's disclosure form was provided. If problems are discovered after closing, the buyer:
- A 'subject to inspection and approval' contingency in an Oklahoma contract differs from a standard inspection contingency because:
- Oklahoma's Residential Property Condition Disclosure form must be completed by the seller and delivered to the buyer:
- An Oklahoma purchase contract that contains a financing contingency is NOT 'firm' until:
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- An Oklahoma real estate contract provision stating 'time is of the essence' means:
- An Oklahoma purchase contract includes an inspection contingency that expires in 10 days. On day 9, the buyer's inspector finds foundation issues. The buyer requests repairs; the seller refuses. The buyer can:
- A buyer's earnest money is typically forfeited when the buyer:
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