An Ohio buyer sues the seller for breach of contract and also names the seller's listing agent for negligent misrepresentation. The buyer suffered $50,000 in damages. The court determines the seller is 70% at fault and the agent is 30% at fault. Under Ohio's comparative fault system, how are the damages allocated?
Correct Answer
A) The seller pays $35,000 and the agent pays $15,000
Under Ohio's comparative fault system (ORC §2307.22-23), damages are allocated proportionally based on each defendant's percentage of fault. The seller (70% fault) pays $35,000, and the agent (30% fault) pays $15,000.
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A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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