Philip leases retail space in a building owned by Roger. The lease agreement contains a(n) _____ clause excusing Roger from responsibility for any financial consequences of Philip's actions.
A) premises liability
B) indemnification
C) operations liability
D) Lessor's release of action

Question

Quizplus · Accepted Answer

An indemnification clause in a lease agreement is designed to excuse one party (in this case, Roger, the building owner) from financial responsibility for certain actions or consequences caused by the other party (Philip, the lessee). This means Roger would not be financially liable for issues arising from Philip's actions in the leased space.

Philip Leases Retail Space in a Building Owned by Roger