Oklahoma § 15-683 - Cancellation of contract

§ 15-683. Cancellation of contract

A. The customer shall have the unconditional right to cancel a

contract for invention development services for any reason at any

time before midnight of the third business day following the date

the invention developer and the customer sign the contract and the

customer receives a fully executed copy of it. Written notice of

cancellation may be delivered personally or by certified mail. If

given by certified mail, the notice is effective upon the date

certified by signature. Notice of cancellation need not take a

particular form and is sufficient if it indicates, by any form of

Oklahoma Statutes - Title 15. Contracts

written expression, the intention of the customer not to be bound by

the contract. Within ten (10) business days after receipt of the

notice of cancellation, the invention developer shall deliver to the

customer, personally or by certified mail, all moneys paid, any note

or other evidence of indebtedness and all materials provided by the

customer.

B. Every contract for invention development services shall

contain the following statement in 10-point boldface type

immediately above the place where the customer signs the contract:

"The three business day period during which you may cancel this

contract for any reason by certified mailing or delivering written

notice to the invention developer will expire on (last date to mail

or deliver notice). If you choose to use certified mail as your

notice, it must be placed in the United States mail addressed to

(Name of Invention Developer), at (Address of Invention Developer's

Place of Business) with first class postage prepaid before midnight

of this date. If you choose to personally deliver your notice to

the invention developer, it must be delivered to him by the end of

his normal business day on this date."

Added by Laws 1991, c. 170, § 4, eff. Sept. 1, 1991.