Drew Foster is reviewing an Illinois issue in Bloomington. The person asks what an attorney may do during the standard review period under Illinois residential contract practice. Which statement best applies?
Correct Answer
A) During review, an attorney may approve the contract, propose modifications, or disapprove/cancel it as allowed by the clause language.
The ordinary attorney-review clause allows approval, proposed modification, or disapproval/cancellation within the review window.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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