ContractsAttorney_review_in_standard_residential_contract_practiceMEDIUM
During a brokerage meeting in Rockford, Hayden Lopez assumes that attorney review automatically replaces every inspection, appraisal, or financing deadline in a standard Illinois residential contract. What is the best answer under current Illinois law or practice?
Correct Answer
B) That assumption is wrong because attorney review and other contingencies are separate contract mechanisms unless the form language or later written modifications tie them together.
Attorney review is one contract feature. Inspection, financing, and appraisal contingencies remain distinct unless the contract or later written changes expressly connect them.
Answer Options
A
That assumption is correct because attorney review automatically extends every other deadline in every Illinois contract.B
That assumption is wrong because attorney review and other contingencies are separate contract mechanisms unless the form language or later written modifications tie them together.C
That assumption is correct because appraisal, inspection, and financing contingencies are all the same clause under Illinois law.D
That assumption is wrong only in Chicago contracts, not elsewhere in Illinois, under the rule stated in this choice.Why This Is the Correct Answer
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Why the Other Options Are Wrong
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Related Topics & Key Terms
Key Terms:
5_business_day_attorney_reviewattorney_reviewattorney_review_in_standard_residential_contract_practicecontingency_timingcontractsdifficulty_3illinois_statescenario
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