Contracts
Under Oklahoma law, a purchase contract that is 'void' differs from one that is 'voidable' in that a void contract:
ACan be ratified by both parties later
BHas no legal effect from the beginning and cannot be enforced by either party, while a voidable contract is valid until the affected party chooses to disaffirm it✓ Correct
COnly applies to commercial transactions
DIs automatically extended for 30 days
Explanation
A void contract has no legal effect at all — it is as if it never existed. Examples include contracts for illegal purposes. A voidable contract is valid and binding until the party with the right to disaffirm exercises that right. Examples include contracts signed by minors or under duress.
Related Oklahoma Contracts Questions
- In Oklahoma, the statute of frauds requires that contracts for the sale of real property must be:
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- Under Oklahoma law, an exclusive agency listing differs from an exclusive right-to-sell listing in that:
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- A contract for the sale of Oklahoma mineral rights must be:
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