In Ohio, a legally binding contract is created with an offer, acceptance, and consideration. The offer must be a clear expression of intent to be bound and must contain a certain and definite statement of proposed terms. The acceptance must be unequivocal and must mirror the terms of the offer. Consideration is something of value exchanged between the parties, such as money, services, or goods.
Additionally, both parties must have legal capacity to enter into the contract. This means that they must be of legal age, of sound mind, and not under duress or coercion. Contracts entered into by minors are generally voidable, unless it is for necessities or for the minor's education.
It is important to note that certain contracts are required to be in writing under Ohio law. This includes contracts for the sale of real estate, leases for a term of more than one year, and contracts for the sale of goods valued at $500 or more.
Further, Ohio recognizes the doctrine of promissory estoppel, which may be used to enforce a promise that is not supported by consideration. In order to be enforceable under promissory estoppel, a promise must have been made with the intention of inducing reliance, the promisee must have reasonably relied on the promise, and injustice can only be avoided by enforcing the promise.
It is important to consult with a licensed attorney for legal advice on specific contract situations, as there may be exceptions or limitations based on the individual circumstances.
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