The CLAS Collaboration is using the p(e, e^′ K⁺ p)π^- reaction to perform a measurement of the induced polarization of the electroproduced Λ(1116). The parity-violating weak decay of the Λ into pπ^- (64%) allows extraction of the recoil polarization of the Λ. The present study uses the CEBAF Large Acceptance Spectrometer (CLAS) to detect the scattered electron, the kaon, and the decay proton. CLAS allows for a large kinematic acceptance in Q² (0.8 ≤ Q² ≤ 3.5 GeV² ), W (1.6 ≤ W ≤ 3.0 GeV), as well as the kaon scattering angle. In this experiment a 5.499 GeV electron beam was incident upon an unpolarized liquid-hydrogen target. The goal is to map out the kinematic dependencies for this polarization observable to provide new constraints for theoretical models of the electromagnetic production of kaon-hyperon final states. Along with previously published photo- and electroproduction cross sections and polarization observables from CLAS, SAPHIR, and GRAAL, these data are needed in a coupled-channel analysis to identify previously unobserved s-channel resonances.