At the closing of a residential sale in Muskogee, Oklahoma, the buyer's attorney reviews an abstract of title rather than a title insurance commitment. The buyer asks the agent what an abstract of title contains. Which description is most accurate under Oklahoma's abstractor tradition?
Correct Answer
B) A chronological summary of all recorded documents affecting the property's title compiled by a licensed abstractor
Oklahoma has one of the strongest abstractor traditions in the United States, regulated by the Oklahoma Abstractors Act (Title 1 O.S. §§ 1-31). A licensed abstractor compiles an abstract of title, which is a chronological summary of all recorded documents affecting the property's title — including deeds, mortgages, liens, judgments, and easements — drawn from the public land records. Buyers in Oklahoma typically rely on an attorney's opinion of title based on the abstract, rather than a standard title insurance commitment.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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