Contracts
Under Oklahoma's parol evidence rule, oral agreements made before a written contract is signed:
AAre always binding if both parties agree to them
BGenerally cannot be used to contradict or vary the terms of the written contract✓ Correct
CMust be disclosed to the lender
DCan be enforced if witnessed by the broker
Explanation
The parol evidence rule prevents parties from introducing prior oral agreements to contradict, alter, or vary the terms of a written contract. The written contract is presumed to be the complete and final agreement.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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