Oklahoma § 12A-2A-505 Cancellation and termination and effect of

Oklahoma Statutes

§ 12A-2A-505 — Cancellation and termination and effect of

Oklahoma·Title 12A Uniform Commercial Code

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 constru

Free access — add to your briefcase to read the full text and ask questions with AI

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. (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.

Oklahoma § 12A-2A-505 (Cancellation and termination and effect of) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.