ContractsAttorney_review_modificationsMEDIUM
During the attorney review period in Illinois, the buyer's attorney proposes modifications to the contract terms. What is the effect on the original contract?
Correct Answer
B) The original contract is terminated and a new contract must be negotiated
Under Illinois law, when an attorney proposes modifications during the review period, it constitutes disapproval of the original contract, terminating it and requiring negotiation of a new agreement.
Answer Options
A
The original contract remains binding with modifications automatically incorporatedB
The original contract is terminated and a new contract must be negotiatedC
The contract is suspended until all parties agree to modificationsD
Only the modified terms are void, other terms remain bindingWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
attorney_reviewcontract_modificationsdisapproval
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