Ohio Revised Code Search

...very otherwise becomes commercially impracticable, but a commercially reasonable substitute is available, the substitute performance shall be tendered and accepted. (B) If the agreed means or manner of payment fails because of domestic or foreign governmental regulation, both of the following apply: (1) The lessor may withhold or stop delivery or cause the supplier to withhold or stop delivery, unless the lessee pr...

...n is not a default under the lease contract if performance as agreed has been made impracticable by the occurrence of a contingency, the nonoccurrence of which was a basic assumption on which the lease contract was made or by compliance in good faith with any applicable foreign or domestic governmental regulation or order, whether or not the regulation or order later proves to be invalid. (B) If the causes mentioned...

...oods if under an installment lease contract the value of the whole lease contract is substantially impaired as provided in section 1310.56 of the Revised Code, may do either of the following: (1) Terminate the lease contract, subject to division (B) of section 1310.51 of the Revised Code; (2) Except in a finance lease that is not a consumer lease, modify the lease contract by accepting the available quota in substi...

... lessee's promises under the lease contract become irrevocable and independent upon the lessee's acceptance of the goods. (B) Both of the following apply to a promise that has become irrevocable and independent under division (A) of this section: (1) It is effective and enforceable between the parties and by or against third parties, including assignees of the parties. (2) It is not subject to cancellation, termin...

...essee is in default under a lease contract is determined by the lease agreement and sections 1310.01 to 1310.78 of the Revised Code. (B) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in sections 1310.01 to 1310.78 of the Revised Code and, except as limited by those sections, as provided in the lease agreement. (C) If the ...

... lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement.

...llateral or ancillary to the lease contract are not impaired by sections 1310.01 to 1310.78 of the Revised Code.

...y either party for default or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to lessor's residual interest, may be liquidated in the lease agreement but only at an amount or by a formula that is reasonable in light of the then anticipated harm caused by the default or other act or omission. (B) If the lease agreement provides for liquidation of dam...

...(A) On cancellation of the lease contract, all obligations that are still executory on all parties are discharged, but any right based on prior default or performance survives, and the cancelling party also retains any remedy for default of the whole lease contract or any unperformed balance. (B) On termination of the lease contract, all obligations that are still executory on all parties are discharged, but any rig...

...(A) An action for default under a lease contract, including an action for a breach of warranty or indemnity, shall be commenced within four years after the cause of action accrued. By the original lease contract, the parties may reduce the period of limitation to not less than one year. (B) A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should...

...(A) Damages based on market rent as provided in section 1310.65 or 1310.74 of the Revised Code are determined according to the rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times specified in those sections. (B) If evidence of rent for the use of the goods concerned for a lease term identical to the remaining lease...

...e goods in conformity to the lease contract as provided in section 1310.55 of the Revised Code or repudiates the lease contract as provided in section 1310.41 of the Revised Code, or if a lessee rightfully rejects the goods as provided in section 1310.55 of the Revised Code or justifiably revokes acceptance of the goods as provided in section 1310.63 of the Revised Code, then, with respect to any goods involved and w...

...de on default in installment lease contracts, if the goods or the tender or delivery of the goods fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any commercial unit or units and reject the rest of the goods. (B) A rejection of goods is ineffective unless it is within a reasonable time after the tender or delivery of the goods, and the lessee seasonably notif...

...(A) Under an installment lease contract, a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a defect in the required documents. If the nonconformity does not fall within division (B) of this section, and if the lessor or the supplier gives adequate assurance of its cure, the lessee must accept that de...

...tance or conversion nor the basis of an action for damages. (D) A purchaser who purchases in good faith from a lessee pursuant to this section or section 1310.58 of the Revised Code takes the goods free of any rights of the lessor and the supplier even though the lessee fails to comply with one or more of the requirements of sections 1310.01 to 1310.78 of the Revised Code.

...gard to goods rightfully rejected. (B) Action by the lessee pursuant to division (A) of this section is not acceptance or conversion.

...hin the time provided in the lease contract. (B) If the lessee rejects a nonconforming tender that the lessor or supplier had reasonable grounds to believe would be acceptable with or without money allowance, the lessor or supplier may have a further reasonable time to substitute a conforming tender if he seasonably notifies the lessee.

...(A) In rejecting goods, a lessee's failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default if either of the following applies: (1) The lessor or supplier could have cured the defect as provided in section 1310.59 of the Revised Code if the defect had been stated seasonably; (2) Between me...

...g applies: (1) The lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or supplier that the goods are conforming or that the lessee will take or retain them in spite of their nonconformity. (2) The lessee fails to make an effective rejection of the goods as provided in division (B) of section 1310.55 of the Revised Code. (B) Acceptance of a part of any commercial unit is acc...

...epted in accordance with the lease contract, with due allowance for goods rightfully rejected or not delivered. (B) A lessee's acceptance of goods precludes rejection of the goods accepted. In the case of a finance lease, if acceptance is made with knowledge of a nonconformity, the acceptance cannot be revoked because of the nonconformity. In any other case, if acceptance is made with knowledge of a nonconformity, t...

...he lessor defaults under the lease contract and the default substantially impairs the value of that lot or commercial unit to the lessee. (C) If the lease agreement so provides, the lessee may revoke acceptance of a lot or commercial unit because of other defaults by the lessor. (D) Revocation of acceptance shall occur within a reasonable time after the lessee discovers or should have discovered the ground for it a...

...ed Code by a lessor under a lease contract, the lessee may cover by making any purchase or lease of or contract to purchase or lease goods in substitution for those due from the lessor. (B) Except as otherwise provided in section 1310.50 of the Revised Code with respect to damages liquidated in the lease agreement or otherwise determined pursuant to agreement of the parties as provided in section 1301.302 and...

...(A) Except as otherwise provided in section 1310.50 of the Revised Code with respect to damages liquidated in the lease agreement or as otherwise determined pursuant to the agreement of the parties as provided in section 1301.302 and section 1310.49 of the Revised Code, if a lessee elects not to cover or a lessee elects to cover and the cover is by lease agreement that for any reason does not qualify for treatm...

...of which the lessor at the time of contracting had reason to know and that could not reasonably be prevented by cover or otherwise; (2) Injury to person or property proximately resulting from any breach of warranty.

... for goods identified to the lease contract if, after reasonable effort, the lessee is unable to effect cover for those goods or the circumstances reasonably indicate that the effort will be unavailing.