Terms Used In Indiana Code > Title 35 > Article 43 > Chapter 6 - Home Improvement Fraud

• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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
• home improvement supplier: means a person who engages in or solicits home improvement contracts whether or not the person deals directly with the consumer. See Indiana Code 35-43-6-6
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: means an individual, corporation, business trust, estate, trust, partnership, association, cooperative, or any other legal entity. See Indiana Code 35-43-6-7
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.