Terms Used In Ohio Code > Chapter 1351 - Lease-Purchase Agreements

• Advertisement: means any written, visual, or oral communication made to a lessee or prospective lessee by means of personal representation, newspaper, magazine, circular, billboard, direct mailing, sign, radio, television, telephone, or other means of communication, that aids, promotes, or assists, directly or indirectly, a lease-purchase agreement. See Ohio Code 1351.01
• Cash price: means the price at which a lessor in the ordinary course of business would offer the property that is the subject of a lease-purchase agreement to the lessee for cash on the date of the lease-purchase agreement. See Ohio Code 1351.01
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lease-purchase agreement: means an agreement for the use of personal property by an individual primarily for personal, family, or household purposes for an initial period of four months or less that is automatically renewable with each lease payment after the initial period and that permits the lessee to acquire ownership of the property. See Ohio Code 1351.01
• Lessee: means an individual who leases personal property pursuant to a lease-purchase agreement. See Ohio Code 1351.01
• Lessor: means a person who, in the ordinary course of business, regularly offers to lease or arranges for personal property to be leased pursuant to a lease-purchase agreement. See Ohio Code 1351.01
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
• Personal property: means any property that is not real property under the laws of the state where it is located when it is offered or made available for a lease-purchase agreement. See Ohio Code 1351.01
• Personal property: All property that is not real property.
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Property: means real and personal property. See Ohio Code 1.59
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• state: means the state of Ohio. See Ohio Code 1.59