Okla. Stat. tit. 12A, § 12A-2-718
This is the official text of Okla. Stat. tit. 12A, § 12A-2-718, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Liquidation or Limitation of Damages; Deposits
Official statutory text
(1) Damages for breach by either party may be liquidated in the
agreement but only at an amount which is reasonable in the light of
the anticipated or actual harm caused by the breach, the
difficulties of proof of loss, and the inconvenience or
nonfeasibility of otherwise obtaining an adequate remedy. A term
fixing unreasonably large liquidated damages is void as a penalty.
(2) Where the seller justifiably withholds delivery of goods
because of the buyer's breach, the buyer is entitled to restitution
of any amount by which the sum of his payments exceeds
(a) the amount to which the seller is entitled by virtue
of terms liquidating the seller's damages in accordance with
subsection (1), or
(b) in the absence of such terms, twenty percent (20%) of
the value of the total performance for which the buyer is obligated
under the contract or Five Hundred Dollars ($500.00), whichever is
smaller.
(3) The buyer's right to restitution under subsection (2) is
subject to offset to the extent that the seller establishes
(a) a right to recover damages under the provisions of
this article other than subsection (1), and
(b) the amount or value of any benefits received by the
buyer directly or indirectly by reason of the contract.
(4) Where a seller has received payment in goods their
reasonable value or the proceeds of their resale shall be treated as
payments for the purposes of subsection (2); but if the seller has
notice of the buyer's breach before reselling goods received in part
performance, his resale is subject to the conditions laid down in
this article on resale by an aggrieved seller (Section 2-706).
agreement but only at an amount which is reasonable in the light of
the anticipated or actual harm caused by the breach, the
difficulties of proof of loss, and the inconvenience or
nonfeasibility of otherwise obtaining an adequate remedy. A term
fixing unreasonably large liquidated damages is void as a penalty.
(2) Where the seller justifiably withholds delivery of goods
because of the buyer's breach, the buyer is entitled to restitution
of any amount by which the sum of his payments exceeds
(a) the amount to which the seller is entitled by virtue
of terms liquidating the seller's damages in accordance with
subsection (1), or
(b) in the absence of such terms, twenty percent (20%) of
the value of the total performance for which the buyer is obligated
under the contract or Five Hundred Dollars ($500.00), whichever is
smaller.
(3) The buyer's right to restitution under subsection (2) is
subject to offset to the extent that the seller establishes
(a) a right to recover damages under the provisions of
this article other than subsection (1), and
(b) the amount or value of any benefits received by the
buyer directly or indirectly by reason of the contract.
(4) Where a seller has received payment in goods their
reasonable value or the proceeds of their resale shall be treated as
payments for the purposes of subsection (2); but if the seller has
notice of the buyer's breach before reselling goods received in part
performance, his resale is subject to the conditions laid down in
this article on resale by an aggrieved seller (Section 2-706).
Status: in_force · Read it on the official government site
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