A contract is an agreement to do or to not do a certain thing

The Oklahoma contract is a fundamental piece of our lives and our legal system.  People make contracts with other people or businesses routinely and regularly, often without even thinking about it (e.g., hiring someone to mow your lawn; engaging a CPA to do your taxes, sending clothes to the dry cleaners, and many many more).

Since the contract plays such an important role in our lives, it seems wise to know the basics of a contract.  Below are the basic and essential elements of an Oklahoma contract:

(1) Parties capable of contracting.

Everyone 18 or older is generally capable of making a contract in Oklahoma with exceptions for people of “unsound mind”, some people in prison depending on the type of contract.  Unless you believe that a person lacks mental capacity you can assume the person is capable of entering into a contract.

(2) The parties consent to the contract

The parties to a contract must be entering into the contract freely, mutually and they must communicate this free consent to the other party.  Many times consent to the contract is implied by when there is an offer to make a contract and an acceptance of such offer to contract.  Consent to enter into a contract may be questioned if the person giving the consent was under duress, menace and/or a victim of fraud.

(3) A lawful object

According to Oklahoma law “The object of a contract is the thing which it is agreed, on the part of the party receiving the consideration, to do or not to do.”  This one plays out kind of like you might expect: contracting to purchase illegal drugs would not be a lawful object of a contract while contracting to purchase widgets would be a lawful object. 

(4) Sufficient cause or consideration

Consideration is any benefit one party to a contract either gives or promises to give to the other party to a contract.  A simple example would be a contract to construct a new home – the homeowner is agreeing to pay a sum of money and the home builder is agreeing to build a home.  The consideration is money flowing to the builder and a new home being provided by the builder to the homeowner.

Pierre Bonnard – Woman in a Veil

You may have heard the term “corporate veil”.

But do you understand what it is?  It sounds as if it could be a magic force field that encases companies housed in large buildings.

Actually, the concept is simpler than that, although it may have a bit of magic to it. 

Let start with the term “veil”. One of Merriam Webster’s definitions of “veil” is  “to cover, provide, obscure, or conceal with or as if with a veil.“

When a person forms a corporation or a limited liability company the entity has a legal existence that is distinct from the person.  One way to think of it is that usually the entity and the person file separate tax returns.  This means the company is legally different from the person.  The company can enter into contracts, make purchases, hire employees all on its own.  These activities, while guided by the owner of the company, are legally considered the actions of the company.

The corporate veil is the protection the owner of the company receives by forming a company.  The company assumes liability for actions rather than the owner being liable (usually).

The owner is veiled from liability by the company.  That is, the corporate veil is an intangible force field surrounding the owners of the corporation. It prevents the owners of the corporation from being liable for the misdeeds of the Corporation. Despite that, it may be the owners of the corporation who perpetrated the misdeeds through the Corporation.

There are some circumstances where the Oklahoma corporate veil may not hold up as expected and you can read about those situations in this blog post on “What does it mean to have your corporate veil pierced?”

The Americans with Disabilities Act (“ADA”) is a federal employment law focused on preventing hiring and workplace discrimination against employees with disabilities.  

The ADA applies to businesses with 15 or more employees.  That means any Oklahoma employer with 15 or employees needs to be aware of and in compliance with the ADA.

While a well-intended and often effective law, the ADA can be difficult for employers to navigate.  The definition of a “disability” is broad and working with a disabled individual to allow them to do their job often taxes business resources.  Nonetheless, businesses must comply with the ADA, and for this reason, I put together the diagram below to assist Oklahoma employers in understanding the ADA and complying with it.

This diagram is not intended to be used as a checklist for either complying with the ADA or determining that an employee with a disability can be terminated.  Instead, this diagram is intended to be a general guide for employers dealing with disability issues.  If you have specific questions about an employee or need assistance, do not rely on this diagram to make a decision, contact an attorney.

The key for me to understanding a concept, idea, directions etc. . . is to understand the terms used in the description.  Without knowing what the words mean, I have little chance to understand the big picture ideas.  So, to see it all fit together, I learn the keywords.

It is no different in probate and estate planning in Oklahoma.  We need to understand what the keywords mean.

Below is a table containing many key terms in Oklahoma probate and Oklahoma estate planning followed by the definition of the term.  If you want to check my sources or read more about the term click on the link below each definition.

Enjoy.

I have written about the Oklahoma transfer-on-death deed is a probate-avoidance tool. 

The TOD Deed allows a person to set up their property to transfer to another person after the owner of the property dies.  The person receiving the property only need file an affidavit with the county clerk stating that the person died, whether the person was married, and a legal description of the property.

However, there is an important requirement that you must not miss: 

The person receiving the property has only nine months following the death of the property owner to file the required affidavit.  If the person fails to file the affidavit within 9 months, the property becomes part of the deceased person’s estate.  If the property becomes part of the deceased person’s estate, there almost certainly will need to be a probate.

So, if you are in position of receiving property under an Oklahoma transfer-on-death deed, be certain to track the 9-month date.