During a brokerage meeting in Aurora, Reese Foster wants to draft a complex custom legal remedy clause for the parties without involving counsel. What is the best answer under current Illinois law or practice?
Correct Answer
A) The broker should avoid drafting complex legal provisions and should instead direct the parties to an attorney for legal drafting or interpretation.
Illinois brokers may use approved forms in practice, but drafting or interpreting special legal provisions crosses into attorney territory.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
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