Okla. Stat. tit. 15, § 15-215
This is the official text of Okla. Stat. tit. 15, § 15-215, part of Oklahoma’s Stat. tit. 15, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 15,." Browse the sections below, each linked to its official government source.
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Amount presumed to be damages, provision for
Official statutory text
A. A stipulation or condition in a contract except a contract
to purchase and sell real property, providing for the payment of an
amount which shall be presumed to be the amount of damage sustained
by a breach of such contract, shall be held valid, when, from the
nature of the case, it would be impracticable or extremely difficult
to fix the actual damage.
B. A provision in a real estate sales contract, providing for
the payment of anamount which shall be presumed to be the amount of
damages sustained by a breach of such contract, shall be held valid
and not a penalty, when such amount does not exceed five percent
(5%) of the purchase price. In the event such amount exceeds five
percent (5%) of the purchase price, such provision shall be held
invalid and a penalty unless the party seeking to uphold the
provision establishes that such amount is reasonable. If such
provision is valid under this subsection, the limitations of Section
28 of Title 23 of the Oklahoma Statutes do not apply.
to purchase and sell real property, providing for the payment of an
amount which shall be presumed to be the amount of damage sustained
by a breach of such contract, shall be held valid, when, from the
nature of the case, it would be impracticable or extremely difficult
to fix the actual damage.
B. A provision in a real estate sales contract, providing for
the payment of anamount which shall be presumed to be the amount of
damages sustained by a breach of such contract, shall be held valid
and not a penalty, when such amount does not exceed five percent
(5%) of the purchase price. In the event such amount exceeds five
percent (5%) of the purchase price, such provision shall be held
invalid and a penalty unless the party seeking to uphold the
provision establishes that such amount is reasonable. If such
provision is valid under this subsection, the limitations of Section
28 of Title 23 of the Oklahoma Statutes do not apply.
Status: in_force · Read it on the official government site
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