ContractsAttorney_review_periodMEDIUM
A residential purchase contract in Illinois is signed on Monday at 3:00 PM. The standard 5-business-day attorney review period begins on the date of acceptance, with the acceptance date counted as day zero. If no attorney modifications or disapprovals are delivered, when does the attorney review period expire?
Correct Answer
A) The following Monday at the end of the day
The Illinois standard residential contract provides a 5-business-day attorney review period beginning on the date of acceptance (counted as day zero). Counting Tuesday through the following Monday yields five business days, so the period expires at the end of that following Monday.
Answer Options
A
The following Monday at the end of the dayB
Thursday at 3:00 PMC
Friday at 5:00 PMD
The following Tuesday at the end of the dayWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
attorney_reviewtimelinebusiness_days
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