Title 15, Title 15 — Contracts

A contract is an agreement to do or not to do a certain thing. R.L.1910, § 875.

SHORT TITLE This act may be cited as the "Uniform Statutory Form Power of Attorney Act". Added by Laws 1998, c 420, § 1, eff. Nov. 1, 1998.

The purposes of this act are to simplify the creation of a power of attorney and, when a form substantially similar to the form set forth in this act is utilized, to assure third parties that they may rely in good faith on the acts of the agent within the scope of the power of at…

STATUTORY FORM FOR POWER OF ATTORNEY A. The following statutory form of power of attorney is legally sufficient: STATUTORY POWER OF ATTORNEY NOTICE: THE POWERS GRANTED BY THIS DOCUMENT ARE BROAD AND SWEEPING. THEY ARE EXPLAINED IN THE UNIFORM STATUTORY FORM POWER OF ATTORNEY ACT.…

DURABILITY OF POWER OF ATTORNEY A power of attorney legally sufficient under this act is durable to the extent that durable powers are permitted by other laws of this state and the power of attorney contains language, such as "This power of attorney will continue to be effective …

CONSTRUCTION OF POWER GENERALLY By executing a statutory power of attorney with respect to a subject listed in subsection A of Section 1 of this act, the principal, except as limited or extended by the principal in the power of attorney, empowers the agent, for that subject to: 1…

transactions. CONSTRUCTION OF POWER RELATING TO REAL PROPERTY TRANSACTIONS In a statutory power of attorney, the language granting power with respect to real property transactions empowers the agent to: 1. Accept as a gift or as security for a loan, reject, demand, buy, lease, re…

property transactions. CONSTRUCTION OF POWER RELATING TO TANGIBLE PERSONAL PROPERTY TRANSACTIONS In a statutory power of attorney, the language granting power with respect to tangible personal property transactions empowers the agent to: 1. Accept as a gift or as security for a l…

transactions. CONSTRUCTION OF POWER RELATING TO STOCK AND BOND TRANSACTIONS In a statutory power of attorney, the language granting power with respect to stock and bond transactions empowers the agent to buy, sell, and exchange stocks, bonds, mutual funds, and all other types of …

transactions. CONSTRUCTION OF POWER RELATING TO COMMODITY AND OPTION TRANSACTIONS In a statutory power of attorney, the language granting power with respect to commodity and option transactions empowers the agent to buy, sell, exchange, assign, settle, and exercise commodity futu…

The object of a contract is the thing which it is agreed, on the part of the party receiving the consideration, to do or not to do. R.L.1910, § 921.

financial institution transactions. CONSTRUCTION OF POWER RELATING TO BANKING AND OTHER FINANCIAL INSTITUTION TRANSACTIONS In a statutory power of attorney, the language granting power with respect to banking and other financial institution transactions empowers the agent to: 1. …

transactions. CONSTRUCTION OF POWER RELATING TO BUSINESS OPERATING TRANSACTIONS In a statutory power of attorney, the language granting power with respect to business operating transactions empowers the agent to: 1. Operate, buy, sell, enlarge, reduce, and terminate a business in…

CONSTRUCTION OF POWER RELATING TO INSURANCE TRANSACTIONS In a statutory power of attorney, the language granting power with respect to insurance and annuity transactions empowers the agent to: 1. Continue, pay the premium or assessment on, modify, rescind, release, or terminate a…

other beneficiary transactions. CONSTRUCTION OF POWER RELATING TO ESTATE, TRUST, AND OTHER BENEFICIARY TRANSACTIONS In a statutory power of attorney, the language granting power with respect to estate, trust, and other beneficiary transactions empowers the agent to act for the pr…

CONSTRUCTION OF POWER RELATING TO CLAIMS AND LITIGATION In a statutory power of attorney, the language with respect to claims and litigation empowers the agent to: 1. Assert and prosecute before a court or administrative agency a claim, a cause of action, counterclaim, offset, an…

maintenance. CONSTRUCTION OF POWER RELATING TO PERSONAL AND FAMILY MAINTENANCE In a statutory power of attorney, the language granting power with respect to personal and family maintenance empowers the agent to: 1. Do the acts necessary to maintain the customary standard of livin…

security, medicare, medicaid, or other governmental programs or military service. CONSTRUCTION OF POWER RELATING TO BENEFITS FROM SOCIAL SECURITY, MEDICARE, MEDICAID, OR OTHER GOVERNMENTAL PROGRAMS OR MILITARY SERVICE In a statutory power of attorney, the language granting power …

transactions. CONSTRUCTION OF POWER RELATING TO RETIREMENT PLAN TRANSACTIONS In a statutory power of attorney, the language granting power with respect to retirement plan transactions empowers the agent to: 1. Select payment options under any retirement plan in which the principa…

CONSTRUCTION OF POWER RELATING TO TAX MATTERS In a statutory power of attorney, the language granting power with respect to tax matters empowers the agent to: 1. Prepare, sign, and file federal, state, local, and foreign income, gift, payroll, Federal Insurance Contributions Act …

EXISTING INTERESTS; FOREIGN INTERESTS The powers described in Sections 5 through 18 of this act are exercisable equally with respect to an interest the principal has when the power of attorney is executed or acquires later, whether or not the property is located in this state, an…

The object of a contract must be lawful when the contract is made, and possible and ascertainable by the time this contract is to be performed. R.L.1910, § 922.

UNIFORMITY OF APPLICATION AND CONSTRUCTION This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it. Added by Laws 1998, c. 420, § 20, eff. Nov. 1, 1998.

Everything is deemed possible except that which is impossible in the nature of things. R.L.1910, § 923.

expressed. Where a contract has but a single object, and such object is unlawful, whether in whole or in part, or wholly impossible of performance, or so vaguely expressed as to be wholly unascertainable, the entire contract is void. R.L.1910, § 924.

Where a contract has several distinct objects, of which one at least is lawful and one at least is unlawful in whole or in part, the contract is void as to the latter, and valid as to the rest. R.L.1910, § 925.

Any benefit conferred, or agreed to be conferred upon the promisor, by any other person, to which the promisor is not lawfully entitled, or any prejudice suffered or agreed to be suffered by such person, other than such as he is at the time of consent lawfully bound to suffer, as…

consideration. An existing legal obligation resting upon the promisor, or a moral obligation originating in some benefit conferred upon the promisor, or prejudice suffered by the promisee, is also a good consideration for a promise, to an extent corresponding with the extent of t…

The consideration of a contract must be lawful. R.L.1910, § 928.

If any part of a single consideration for one or more objects, or of several considerations for a single object, is unlawful, the entire contract is void. R.L.1910, § 929.

All persons are capable of contracting, except minors, persons of unsound mind, and persons deprived of civil rights, however, persons sentenced to imprisonment under the Department of Corrections for any term, during confinement under said sentence, may make employment contracts…

When a consideration is executory, it is not indispensable that the contract should specify its amount or the means of ascertaining it. It may be left to the decision of a third person, or regulated by any specific standard. R.L.1910, § 931.

When a contract does not determine the amount of the consideration, nor the method by which it is to be ascertained, or when it leaves the amount thereof to the discretion of an interested party, the consideration must be as much money as the object of the contract is reasonably …

agreed. Where a contract provides an exclusive method by which its consideration is to be ascertained, which method is on its face impossible of execution, the entire contract is void: Provided, that where a contract provides an exclusive method by which its consideration is to b…

The burden of showing a want of consideration sufficient to support an instrument lies with the party seeking to invalidate or avoid it. R.L.1910, § 935.

Minors and persons of unsound mind have only such capacity as is defined by the statutes of this State. R.L. 1910, Sec. 878.

Minors, except as otherwise provided by law, are persons under eighteen (18) years of age. The period thus specified must be calculated from the first minute of the day on which a person is born to the same minute of the corresponding day completing the period of minority. R.L.19…

A contract is either express or implied. R.L.1910, § 936.

An express contract is one, the terms of which are stated in words. R.L.1910, § 937.

An implied contract is one, the existence and terms of which are manifested by conduct. R.L.1910, § 938.

All contracts may be oral, except such as are specially required by statute to be in writing. R.L.1910, § 939.

fraudulent party. Where a contract, which is required by law to be in writing, is prevented from being put into writing by the fraud of a party thereto, any other party who is by such fraud led to believe that it is in writing, and acts upon such belief to his prejudice, may enfo…

The following contracts are invalid, unless the same, or some note or memorandum thereof, be in writing and subscribed by the party to be charged, by an agent of the party or by a broker of the party pursuant to Sections 858-351 through 858-363 of Title 59 of the Oklahoma Statute…

The execution of a contract in writing, whether the law requires it to be written or not, supersedes all the oral negotiations or stipulations concerning its matter, which preceded or accompanied the execution of the instrument. R.L.1910, § 942.

A contract in writing takes effect upon its delivery to the party in whose favor it is made, or to his agent. Added by Laws 1989, c. 148, § 1, emerg. eff. May 8, 1989.

All distinctions between sealed and unsealed instruments are abolished. R.L.1910, § 944.

All other persons are adults. R.L.1910, § 880.

limits to actions on oral agreements. A. As used in this section: 1. "Credit agreement" means an agreement by a financial institution to lend money, extend credit or otherwise make any other financial accommodation, or to renew, extend, modify, rearrange or forebear the repayment…

A. A "debt cancellation agreement" means a loan term or contractual arrangement modifying loan or retail installment contract terms under which a lender or other creditor agrees to cancel all or part of an obligation of the borrower to repay an extension of credit from the lender…

As used in this act: 1. "Commercial" means a transaction wherein the motor vehicle will primarily be used for business purposes rather than personal; 2. "Commissioner" means the Insurance Commissioner; 3. "Consumer" means an individual purchaser of a motor vehicle or borrower und…