Contracts
Liquidated damages in an Oklahoma real estate contract refers to:
ADamages proven in court after litigation
BA pre-agreed amount (usually earnest money) that represents the seller's remedy if the buyer defaults✓ Correct
CAttorney fees awarded by the court
DConsequential damages from a delayed closing
Explanation
Many Oklahoma contracts contain a liquidated damages clause specifying that the earnest money is the seller's sole remedy if the buyer defaults. This avoids litigation by pre-agreeing on the compensation for breach.
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