Idaho State Statutes - Idaho Attorney Directory

(1) Damages payable by either party
for default, or any other act or omission, including indemnity for loss or
diminution of anticipated tax benefits or loss or damage to lessor's residual
interest, may be liquidated in the lease agreement but only at an amount or by
a formula that is reasonable in light of the then anticipated harm caused by
the default or other act or omission.
(2) If the lease agreement provides for liquidation of damages, and such
provision does not comply with the provisions of subsection (1) of this
section, or such provision is an exclusive or limited remedy that
circumstances cause to fail of its essential purpose, remedy may be had as
provided in this chapter.
(3) If the lessor justifiably withholds or stops delivery of goods
because of the lessee's default or insolvency (section 28-12-525 or
28-12-526), the lessee is entitled to restitution of any amount by which the
sum of his payments exceeds:
(a) The amount to which the lessor is entitled by virtue of terms
liquidating the lessor's damages in accordance with the provisions of
subsection (1) of this section; or
(b) In the absence of those terms, twenty percent (20%) of the then
present value of the total rent the lessee was obligated to pay for the
balance of the lease term, or, in the case of a consumer lease, the lesser
of such amount or five hundred dollars ($500).
(4) A lessee's right to restitution under the provisions of subsection
(3) of this section is subject to offset to the extent the lessor establishes:
(a) A right to recover damages under the provisions of this chapter other
than the provisions of subsection (1) of this section; and
(b) The amount or value of any benefits received by the lessee directly
or indirectly by reason of the lease contract.

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