An Ohio purchase agreement includes a clause requiring the buyer to indemnify the seller's agent for any claims arising from the buyer's failure to perform. The buyer defaults and a third party sues the agent. Under Ohio law, is the indemnification clause enforceable?
Correct Answer
B) Yes, indemnification clauses are generally enforceable in Ohio if they are clear, unambiguous, and not unconscionable
Under Ohio contract law, indemnification clauses are generally enforceable if they are clear, unambiguous, and not unconscionable. The clause must clearly express the parties' intent, and the indemnifying party must have knowingly agreed to the provision. Ohio courts will enforce such clauses unless they violate public policy.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
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