Q: Is there a statute in Oklahoma law that prevents a contract from being binding if cancelled within certain timeframe?
A: Ordinarily, a contract between two parties is binding when both agree to it or at the time they agree to be bound. With a written contract, that is usually when the second party signs the document. However, there are state and federal laws that may provide a cancellation period for certain kinds of agreements. For example, the Oklahoma Subdivided Land Sales Code may provide a rescission period after a purchaser agrees to buy a timeshare unit. The Age Discrimination in Employment Act, a federal law, provides for a cancellation period in some employment related release and settlement agreements.
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