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Can you summarize OHRC Chapter 1335?
Commercial Transactions > Statute Of Frauds
Short Summary
The provided legal document content covers three main areas: actions on loan agreements, certain agreements that must be in writing to be enforceable, and payment of commissions on sales. In the context of loan agreements, the document states that no party can bring an action unless the agreement is in writing and signed by the party against whom the action is brought or their authorized representative. However, if the loan agreement is in the form of a promissory note or other document that describes the credit or loan and meets certain conditions, it does not need to be signed by an officer or authorized representative of the financial institution. This requirement does not apply to loan agreements primarily used for personal, household, or family purposes with proceeds less than forty thousand dollars, or where a security interest is or will be acquired in the debtor’s primary residence. Regarding certain agreements that must be in writing to be enforceable, the document outlines various scenarios. It states that no action can be brought to charge a defendant based on a special promise to answer for the debt, default, or miscarriage of another person. Similarly, no action can be brought to charge an executor or administrator based on a special promise to answer damages out of their own estate. Additionally, no action can be brought to charge a person based on an agreement made upon consideration of marriage, or upon a contract or sale of lands, tenements, or hereditaments, or interest in or concerning them, or upon an agreement that is not to be performed within one year from the making thereof. However, if the agreement upon which such action is brought, or some memorandum or note thereof, is in writing and signed by the party to be charged or some other authorized person, it can be enforceable. Furthermore, this provision also states that no action can be brought to charge a licensed medical professional based on any promise or agreement relating to a medical prognosis unless it is in writing and signed by the party to be charged. In the context of payment of commissions on sales, the document establishes that a principal must pay a sales representative all commissions due at the time of termination within thirty days, and all commissions that become due after termination within thirteen days. Failure to comply with these payment requirements may result in the principal being liable for exemplary damages. The document also addresses the determination of when a commission is due based on the terms of the contract, past practice, or industry custom and usage. It further voids provisions in contracts that waive the provisions of this section, subject the contract to the laws of another state, or limit the right of the sales representative to initiate litigation or alternative dispute resolution in Ohio. However, this section does not apply to persons licensed by the superintendent of insurance to engage in the business of issuing or selling insurance. Overall, these legal documents provide guidelines and requirements for loan agreements, certain agreements that must be in writing to be enforceable, and the payment of commissions on sales. They apply to parties involved in these transactions and provide exemptions for specific circumstances. No specific penalties are mentioned in these documents.
Whom does it apply to?
Parties to loan agreements, individuals or entities involved in certain agreements, and principals and sales representatives
What does it govern?
Actions on loan agreements, certain agreements that must be in writing to be enforceable, and payment of commissions on sales
What are exemptions?
Loan agreements primarily used for personal, household, or family purposes with proceeds less than forty thousand dollars, or where a security interest is or will be acquired in the debtor's primary residence; persons licensed by the superintendent of insurance to engage in the business of issuing or selling insurance
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Ohio