By proceeding beyond this point, you are acknowledging the terms and conditions of the express disclaimer, and are agreeing to those terms and conditions.
A contract is a mutual agreement, given for consideration, between two or more people, capable of contracting, for a lawful purpose. Each of these elements is important. "Mutual agreement" means that each party to the agreement understands the material terms of the agreement and that each knows, or reasonably could know, the important factors and assumptions underlying the agreement.
"Capable of contracting" means that each party is of legal age, and is not operating under any mental or legal disability. A contract that is made where one of the parties is not "capable of contracting" is said to be "voidable" by the disabled party. That means that for so long as the disability exists, the disabled party can "void" the contract, and demand back what that party gave, even if what the party got has been destroyed or consumed.
"For consideration" is explained below.
"Lawful purpose" means the goal(s) of the contract may not be illegal, nor may the means necessary to achieve the goal. Contracts for an illegal purpose are "void, and courts will not enforce them, nor will courts order whatever was given to be returned. Gambling and prostitution are examples of contracts for illegal purpose in Oklahoma.
Most contracts do not have to be in writing to be enforceable. Contracts that must be in writing are:
"Contracts taking longer than one year" is sometimes a confusing category. Suppose that a person is given a "job for life". This is NOT a "contract taking longer than a year to complete" because it is possible that the death of the person may occur within the year, which would complete the terms of the agreement. In order to be a contract of this type, the very terms of the agreement must expressly state that completion of the agreement must take longer than a year.
In a word, yes. People often think that they do not have a "lease" or an "employment contract" because there is no paper evidencing the agreement. This confuses the "contract" with the "writing".
The "contract", whether reduced to writing or not, exists only in the minds of the parties to the contract. It is the agreement and understanding that exists between the parties. "The written instrument is simply written evidence of the terms of the agreement.
There is one legal distinction between the written and unwritten (verbal) agreement. The statute of limitations for enforcement of a written contract is 5 years from the date of the breach or default. For an unwritten agreement, the term is 3 years.
Suppose, however, that more than 5 years has elapsed since the breach. Does that mean that the wronged party has no relief? Possibly. If the wronged party files a lawsuit, and the defendant admits the existence and terms of the agreement, the wronged party can maintain the action and possibly get relief because the defendant has waived his/her rights under the statute of limitations.
"Consideration" is what is given by each party to bind the other. It can be money, property, a promise or even the agreement not to do something. For instance, when you buy a candy bar at the convenience store, the candy is the consideration given by the store and the purchase price is the consideration you give. Likewise, if a person agrees not to sue another for a sum of money, the promise not to sue is the consideration given.
There is a requirement that consideration be "mutual", that is, each party must give consideration. This does not mean that the consideration must be of equal, or close to equal value. If the buyer and seller are willing, a Rolls Royce can be sold for a nickel. Consideration can also come from a third party. Suppose, after an auto accident, the injured party agrees not to sue the other driver in exchange for a sum of money. Even though the money comes from an insurance company or the other driver's parents, the agreement is still valid and binding.
Yes. There is a statute in Oklahoma that expressly allows contracts between husband and wife. There are limits to what a husband and wife can agree, however. After marriage, the ability of spouses to contract for the disposition of property or child support are subject to revision by a divorce court.
This is an area of great misconception. Many believe that a three-day "right of recision" comes with the purchase of a motor vehicle. This is NOT TRUE. The only agreements that carry such a right of recision are:
Home solicited sales-that is where the contact between buyer and seller was initiated entirely by the seller at the home of the buyer (not at the buyer's invitation)
Contracts that expressly allow a stated recision period.
If you have questions that are not answered here, please call me at (918)258-2711