Okla. Stat. tit. 12A, § 12A-2A-505
This is the official text of Okla. Stat. tit. 12A, § 12A-2A-505, 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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Cancellation and termination and effect of
Official statutory text
cancellation, termination, rescission, or fraud on rights and
remedies.
CANCELLATION AND TERMINATION AND EFFECT OF
CANCELLATION, TERMINATION, RESCISSION, OR FRAUD ON
RIGHTS AND REMEDIES
(1) On cancellation of the lease contract, all obligations that
are still executory on both sides are discharged, but any right
based on prior default or performance survives, and the canceling
party also retains any remedy for default of the whole lease
contract or any unperformed balance.
(2) On termination of the lease contract, all obligations that
are still executory on both sides are discharged but any right based
on prior default or performance survives.
(3) Unless the contrary intention clearly appears, expressions
of "cancellation", "rescission", or the like of the lease contract
may not be construed as a renunciation or discharge of any claim in
damages for an antecedent default.
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 263
(4) Rights and remedies for material misrepresentation or fraud
include all rights and remedies available under this article for
default.
(5) Neither rescission nor a claim for rescission of the lease
contract nor rejection or return of the goods may bar or be deemed
inconsistent with a claim for damages or other right or remedy.
remedies.
CANCELLATION AND TERMINATION AND EFFECT OF
CANCELLATION, TERMINATION, RESCISSION, OR FRAUD ON
RIGHTS AND REMEDIES
(1) On cancellation of the lease contract, all obligations that
are still executory on both sides are discharged, but any right
based on prior default or performance survives, and the canceling
party also retains any remedy for default of the whole lease
contract or any unperformed balance.
(2) On termination of the lease contract, all obligations that
are still executory on both sides are discharged but any right based
on prior default or performance survives.
(3) Unless the contrary intention clearly appears, expressions
of "cancellation", "rescission", or the like of the lease contract
may not be construed as a renunciation or discharge of any claim in
damages for an antecedent default.
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 263
(4) Rights and remedies for material misrepresentation or fraud
include all rights and remedies available under this article for
default.
(5) Neither rescission nor a claim for rescission of the lease
contract nor rejection or return of the goods may bar or be deemed
inconsistent with a claim for damages or other right or remedy.
Status: in_force · Read it on the official government site
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