reglab/housing_qa huggingface dataset:
12A OK Stat § 12A-2A-407 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-407. Irrevocable Promises; Finance Leases.

|IRREVOCABLE PROMISES; FINANCE LEASES |(1) In the case of a finance lease that is not a consumer lease the lessee's promises under the lease contract become irrevocable and independent upon the lessee's acceptance of the goods.(2) A promise that has become irrevocable and independent under subsection (1) of this section:(a)is effective and enforceable between the parties, and by or against third parties including assignees of the parties, and(b)is not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom the promise runs.(3) This section does not affect the validity under any other law of a covenant in any lease contract making the lessee's promises irrevocable and independent upon the lessee's acceptance of the goods.Added by Laws 1988, c. 86, § 47, eff. Nov. 1, 1988. Amended by Laws 1991, c. 117, § 11, eff. Jan. 1, 1992.
12A OK Stat § 12A-2A-501 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-501. Default - Procedure.

|DEFAULT; PROCEDURE |(1) Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this article.(2) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in this article and, except as limited by this article, as provided in the lease agreement.(3) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement may reduce the party's claim to judgment, or otherwise enforce the lease contract by self-help or any available judicial procedure or nonjudicial procedure, including administrative proceeding, arbitration, or the like, in accordance with this article.(4) Except as otherwise provided in subsection (a) of Section 18 of this act or this article or the lease agreement, the rights and remedies referred to in subsections (2) and (3) of this section are cumulative.(5) If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under this Part as to the goods, or under other applicable law as to both the real property and the goods in accordance with that party's rights and remedies in respect of the real property, in which case this Part does not apply.Added by Laws 1988, c. 86, § 48, eff. Nov. 1, 1988. Amended by Laws 1991, c. 117, § 12, eff. Jan. 1, 1992; Laws 2005, c. 139, § 29, eff. Jan. 1, 2006.
12A OK Stat § 12A-2A-502 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-502. Notice after default.

|NOTICE AFTER DEFAULT |Except as otherwise provided in this article or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement.Added by Laws 1988, c. 86, § 49, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-503 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-503. Modification or Impairment of Rights and Remedies.

|MODIFICATION OR IMPAIRMENT OF RIGHTS AND REMEDIES |(1) Except as otherwise provided in this article, the lease agreement may include rights and remedies for default in addition to or in substitution for those provided in this article and may limit or alter the measure of damages recoverable under this article.(2) Resort to a remedy provided under this article or in the lease agreement is optional unless the remedy is expressly agreed to be exclusive. If circumstances cause an exclusive or limited remedy to fail of its essential purpose, or provision for an exclusive remedy is unconscionable, remedy may be had as provided in this article.(3) Consequential damages may be liquidated under Section 2A-504 of this title, or may otherwise be limited, altered, or excluded unless the limitation, alteration, or exclusion is unconscionable. Limitation, alteration, or exclusion of consequential damages for injury to the person in the case of consumer goods is prima facie unconscionable but limitation, alteration, or exclusion of damages where the loss is commercial is not prima facie unconscionable.(4) Rights and remedies on default by the lessor or the lessee with respect to any obligation or promise collateral or ancillary to the lease contract are not impaired by this article.Added by Laws 1988, c. 86, § 50, eff. Nov. 1, 1988. Amended by Laws 1991, c. 117, § 13, eff. Jan. 1, 1992.
12A OK Stat § 12A-2A-504 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-504. Liquidation of damages.

|LIQUIDATION OF DAMAGES |(1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to lessor's residual interest, may be liquidated in the lease agreement but only at an amount or by a formula that is reasonable in light of the then anticipated harm caused by the default or other act or omission.(2) If the lease agreement provides for liquidation of damages, and such provision does not comply with subsection (1) of this section, or such provision is an exclusive or limited remedy that circumstances cause to fail of its essential purpose, remedy may be had as provided in this article.(3) If the lessor justifiably withholds or stops delivery of goods because of the lessee's default or insolvency (Section 72 or 73 of this act), the lessee is entitled to restitution of any amount by which the sum of his payments exceeds:(a)the amount to which the lessor is entitled by virtue of terms liquidating the lessor's damages in accordance with subsection (1) of this section; or(b)in the absence of those terms, twenty percent (20%) of the then present value of the total rent the lessee was obligated to pay for the balance of the lease term, or, in the case of a consumer lease, the lesser of such amount or Five Hundred Dollars ($500.00).(4) A lessee's right to restitution under subsection (3) of this section is subject to offset to the extent the lessor establishes:(a)a right to recover damages under the provisions of this article other than subsection (1) of this section; and(b)the amount of value of any benefits received by the lessee directly or indirectly by reason of the lease contract.Added by Laws 1988, c. 86, § 51, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-505 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-505. Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies.

|CANCELLATION AND TERMINATION AND EFFECT OF |CANCELLATION, TERMINATION, RESCISSION, OR FRAUD ONRIGHTS 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.Added by Laws 1988, c. 86, § 52, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-506 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-506. Statute of limitations.

|STATUTE OF LIMITATIONS |(1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within four (4) years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not less than one (1) year.(2) A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later. A cause of action for indemnity accrues when the act or omission on which the claim for indemnity is based is or should have been discovered by the indemnified party, whichever is later.(3) If an action commenced within the time limited by subsection (1) of this section is so terminated as to leave available a remedy by another action for the same default or breach of warranty or indemnity, the other action may be commenced after the expiration of the time limited and within six (6) months after the termination of the first action unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute.(4) This section does not alter the law on tolling of the statute of limitations nor does it apply to causes of action that have accrued before this article becomes effective.Added by Laws 1988, c. 86, § 53, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-507 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-507. Proof of Market Rent; Time and Place.

|PROOF OF MARKET RENT; TIME AND PLACE |(1) Damages based on market rent (Section 2A-519 or 2A-528 of this title) are determined according to the rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times specified in Sections 2A-519 and 2A-528 of this title.(2) If evidence of rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times or places described in this article is not readily available, the rent prevailing within any reasonable time before or after the time described or at any other place or for a different lease term which in commercial judgment or under usage of trade would serve as a reasonable substitute for the one described may be used, making any proper allowance for the difference, including the cost of transporting the goods to or from the other place.(3) Evidence of a relevant rent prevailing at a time or place or for a lease term other than the one described in this article offered by one party is not admissible unless and until he has given the other party notice the court finds sufficient to prevent unfair surprise.(4) If the prevailing rent or value of any goods regularly leased in any established market is in issue, reports in official publications or trade journals or in newspapers or periodicals of general circulation published as the reports of that market are admissible in evidence. The circumstances of the preparation of the report may be shown to affect its weight but not its admissibility.Added by Laws 1988, c. 86, § 54, eff. Nov. 1, 1988. Amended by Laws 1991, c. 117, § 14, eff. Jan. 1, 1992.
12A OK Stat § 12A-2A-508 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-508. Lessee's Remedies.

|LESSEE'S REMEDIES |(1) If a lessor fails to deliver the goods in conformity to the lease contract (Section 2A-509 of this title) or repudiates the lease contract (Section 2A-402 of this title), or a lessee rightfully rejects the goods (Section 2A-509 of this title) or justifiably revokes acceptance of the goods (Section 2A-517 of this title), then with respect to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired (Section 2A-510 of this title), the lessor is in default under the lease contract and the lessee may:(a)cancel the lease contract (subsection (1) of Section 2A-505 of this title);(b)recover so much of the rent and security as has been paid and is just under the circumstances;(c)cover and recover damages as to all goods affected whether or not they have been identified to the lease contract (Sections 2A-518 and 2A-520 of this title), or recover damages for nondelivery (Sections 2A-519 and 2A-520 of this title);(d)exercise any other rights or pursue any other remedies provided in the lease contract.(2) If a lessor fails to deliver the goods in conformity to the lease contract or repudiates the lease contract, the lessee may also:(a)if the goods have been identified, recover them (Section 2A-522 of this title); or(b)in a proper case, obtain specific performance or replevy the goods (Section 2A-521 of this title).(3) If a lessor is otherwise in default under a lease contract, the lessee may exercise the rights and pursue the remedies provided in the lease contract, which may include a right to cancel the lease, and in subsection (3) of Section 2A-519 of this title.(4) If a lessor has breached a warranty, whether express or implied, the lessee may recover damages (subsection (4) of Section 2A-519 of this title).(5) On rightful rejection or justifiable revocation or acceptance, a lessee has a security interest in goods in the lessee's possession or control for any rent and security that has been paid and any expenses reasonably incurred in their inspection, receipt, transportation, and care and custody and may hold those goods and dispose of them in good faith and in a commercially reasonable manner, subject to subsection (5) of Section 2A-527 of this title.(6) Subject to the provisions of Section 2A-407 of this title, a lessee, on notifying the lessor of the lessee's intention to do so, may deduct all or any part of the damages resulting from any default under the lease contract from any part of the rent still due under the same lease contract.Added by Laws 1988, c. 86, § 55, eff. Nov. 1, 1988. Amended by Laws 1991, c. 117, § 15, eff. Jan. 1, 1992.
12A OK Stat § 12A-2A-509 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-509. Lessee's rights on improper delivery; rightful rejection.

|LESSEE'S RIGHTS ON IMPROPER DELIVERY; RIGHTFUL REJECTION |(1) Subject to the provisions of Section 58 of this act, a lessee, on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any commercial unit or units and reject the rest of the goods.(2) Rejection of goods is ineffective unless it is within a reasonable time after tender or delivery of the goods and the lessee seasonably notifies the lessor.Added by Laws 1988, c. 86, § 56, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-510 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-510. Installment lease contracts; rejection and default.

|INSTALLMENT LEASE CONTRACTS; REJECTION AND |DEFAULT(1) Under an installment lease contract a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a defect in the required documents; but if the nonconformity does not fall within subsection (2) of this section and the lessor or the supplier gives adequate assurance of its cure, the lessee must accept that delivery.(2) Whenever nonconformity or default with respect to one or more deliveries substantially impairs the value of the installment lease contract as a whole there is a default with respect to the whole. But, the aggrieved party reinstates the installment lease contract as a whole if the aggrieved party accepts a nonconforming delivery without seasonably notifying of cancellation or brings an action with respect only to past deliveries or demands performance as to future deliveries.Added by Laws 1988, c. 86, § 57, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-511 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-511. Merchant lessee's duties as to rightfully rejected goods.

|MERCHANT LESSEE'S DUTIES AS TO |RIGHTFULLY REJECTED GOODS(1) Subject to any security interest of a lessee (subsection (5) of Section 55 of this act), if a lessor or a supplier has no agent or place of business at the market of rejection, a merchant lessee, after rejection of goods in his possession or control, shall follow any reasonable instructions received from the lessor or the supplier with respect to the goods. In the absence of those instructions, a merchant lessee shall make reasonable efforts to sell, lease, or otherwise dispose of the goods for the lessor's account if they threaten to decline in value speedily. Instructions are not reasonable if on demand indemnity for expenses is not forthcoming.(2) If a merchant lessee (subsection (1) of this section) or any other lessee (Section 59 of this act) disposes of goods, he is entitled to reimbursement either from the lessor or the supplier or out of the proceeds for reasonable expenses of caring for and disposing of the goods and, if the expenses include no disposition commission, to such commission as is usual in the trade, or if there is none, to a reasonable sum not exceeding ten percent (10%) of the gross proceeds.(3) In complying with this section or Section 59 of this act, the lessee is held only to good faith. Good faith conduct hereunder is neither acceptance or conversion nor the basis of an action for damages.(4) A purchaser who purchases in good faith from a lessee pursuant to this section or Section 59 of this act takes the goods free of any rights of the lessor and the supplier even though the lessee fails to comply with one or more of the requirements of this article.Added by Laws 1988, c. 86, § 58, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-512 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-512. Lessee's duties as to rightfully rejected goods.

|LESSEE'S DUTIES AS TO RIGHTFULLY REJECTED GOODS |(1) Except as otherwise provided with respect to goods that threaten to decline in value speedily (Section 58 of this act) and subject to any security interest of a lessee (subsection (5) of Section 55 of this act):(a)the lessee, after rejection of goods in the lessee's possession, shall hold them with reasonable care at the lessor's or the supplier's disposition for a reasonable time after the lessee's seasonable notification of rejection;(b)if the lessor or the supplier gives no instructions within a reasonable time after notification of rejection, the lessee may store the rejected goods for the lessor's or the supplier's account or ship them to the lessor or the supplier or dispose of them for the lessor's or the supplier's account with reimbursement in the manner provided in Section 58 of this act; but (c) the lessee has no further obligations with regard to goods rightfully rejected. (2) Action by the lessee pursuant to subsection (1) of this section is not acceptance or conversion.Added by Laws 1988, c. 86, § 59, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-513 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-513. Cure by lessor of improper tender or delivery; replacement.

|CURE BY LESSOR OF IMPROPER TENDER |OR DELIVERY; REPLACEMENT(1) If any tender or delivery by the lessor or the supplier is rejected because nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably notify the lessee of the lessor's or the supplier's intention to cure and may then make a conforming delivery within the time provided in the lease contract.(2) If the lessee rejects a nonconforming tender that the lessor or the supplier had reasonable grounds to believe would be acceptable with or without money allowance, the lessor or the supplier may have a further reasonable time to substitute a conforming tender if he seasonably notifies the lessee.Added by Laws 1988, c. 86, § 60, eff. Nov. 1, 1988.
12A OK Stat § 12A-2A-514 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-514. Waiver of lessee's objections.

|WAIVER OF LESSEE'S OBJECTIONS |(1) In rejecting goods, a lessee's failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default:(a) if, stated seasonably, the lessor or the supplier could have cured it (Section 2A-213 of this title); or(b) between merchants if the lessor or the supplier after rejection has made a request in writing for a full and final written statement of all defects on which the lessee proposes to rely.(2) A lessee's failure to reserve rights when paying rent or other consideration against documents precludes recovery of the payment for defects apparent in the documents.Added by Laws 1988, c. 86, § 61, eff. Nov. 1, 1988. Amended by Laws 2005, c. 140, § 54, eff. Jan. 1, 2006.
12A OK Stat § 12A-2A-515 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-2A-515. Acceptance of goods.

|ACCEPTANCE OF GOODS |(1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and:(a)the lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conforming or that the lessee will take or retain them in spite of their nonconformity; or(b)the lessee fails to make an effective rejection of the goods (subsection (2) of Section 56 of this act).(2) Acceptance of a part of any commercial unit is acceptance of that entire unit.Added by Laws 1988, c. 86, § 62, eff. Nov. 1, 1988.