A buyer and seller execute a residential purchase contract in Illinois. The seller delivers the signed, accepted contract to the buyer on a Thursday afternoon. When does the 3-business-day attorney review period begin?
Correct Answer
C) On the date the accepted contract is delivered to the buyer, with day one being that Thursday
Under the standard Illinois Realtors® Residential Real Estate Purchase and Sale Contract, the attorney review period begins on the date the buyer receives the accepted contract (delivery date), and that date counts as day one. Because delivery occurs on Thursday — a business day — the 3-business-day period begins Thursday and expires at the close of business on the following Monday (assuming no intervening holidays). This is consistent with how the Illinois Realtors® contract form defines the commencement of the review period.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
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