Indiana Code 35-43-6-8. Unconscionable contract
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Terms Used In Indiana Code 35-43-6-8
- Contract: A legal written agreement that becomes binding when signed.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- home improvement: means any alteration, repair, or other modification of residential property. See Indiana Code 35-43-6-3
- home improvement contract: means an oral or written agreement between a home improvement supplier and a consumer to make a home improvement and for which the contract price exceeds one hundred fifty dollars ($150). See Indiana Code 35-43-6-4
Sec. 8. For the purposes of this chapter, a home improvement contract is unconscionable if an unreasonable difference exists between the fair market value of the services, materials, and work performed or to be performed and the home improvement contract price.
As added by P.L.251-1987, SEC.4.