Beachwood, OH asked in Business Formation and Contracts for Ohio

Q: Purchasing commercial equipment and on the purchase agreement nowhere to find the interest rates is this legal.

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1 Lawyer Answer
Joseph Jaap
Joseph Jaap
  • Cincinnati, OH
  • Licensed in Ohio

A: If a purchase price and payment plan have been agreed, there is no legal requirement to specify any interest rate. And even if there were, and it was omitted, the omission wouldn't make the contract "illegal." It might be more of an income tax issue to determine what portion of the payment amount is interest payment and what portion is repayment of principal. So not stating an interest rate probably will not void the contract. But use the Find a Lawyer tab to retain a local attorney to review the contract and advise you.

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