Oklahoma Residential Real Property- Measure of Damages is the amount of money awarded to someone who has suffered a loss due to another party’s negligence or breach of contract. This measure of damages applies to residential real estate, such as a single-family home, condo, or other residential property located in Oklahoma. Under Oklahoma law, the measure of damages is determined based on the fair market value of the property, the cost of repairs, the consequential damages resulting from the loss, and the diminished value of the property resulting from the loss. There are four main types of Oklahoma Residential Real Property- Measure of Damages: market value, cost of repairs, consequential damages, and diminished value.
Oklahoma Residential Real Property- Measure of Damages
State:
Oklahoma
Control #:
OK-JURY-30-4-CV
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Word
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Residential Real Property- Measure of Damages
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FAQ
An injury that results from the side-effects of an act that caused, or resulted in the breaching are considered consequential damages. These damages must be considerable enough to warrant a guilty judgment after a lawsuit has been rendered.
The Oklahoma Constitution prohibits caps on noneconomic damages in wrongful death lawsuits, and in 2019, the Oklahoma Supreme Court ruled that a cap on noneconomic damages in personal injury lawsuits is also unconstitutional.
Current through Laws 2023, c. 240. Any person who willfully burns, destroys, or injures any public buildings or improvements in this state shall be guilty of a felony, punishable by imprisonment in the State Penitentiary not exceeding twenty-five (25) years.
Determining Costs of Pain and Suffering Damages In Oklahoma, the court or jury makes separate findings for the following: (1) the total compensatory damages recoverable; (2) the total economic loss; and (3) the total noneconomic loss.
An example of consequential damages being awarded would be a situation where an employee who has been involved in an automobile accident and is unable to work is reimbursed for his loss of wages.
(2) Consequential damages resulting from the seller's breach include (a) any loss resulting from general or particular requirements and needs of which the seller at the time of contracting had reason to know and which could not reasonably be prevented by cover or otherwise; and (b) injury to person or property
In Oklahoma, it is against the law to maliciously injure, deface or destroy another person's real or personal property. It is considered a misdemeanor if the amount of damage is valued at less than $1000, and a felony if the damage is valued at $1000 or more.
Section 1760 - Malicious injury or destruction of property generally - Punishment - Damages A. Every person who maliciously injures, defaces or destroys any real or personal property not his or her own, in cases other than such as are specified in Section 1761 et seq.
Limitations on Damages In most personal injury cases, a plaintiff may recover all of their economic damages and up to $350,000 of non-economic damages regardless of the number of defendants or the number of actions brought by the plaintiff. Okla. Stat. tit.