Under Illinois law, a residential purchase contract is fully executed and received by both parties on a Wednesday. Assuming no holidays, when does the 5-business-day attorney review period expire?
Correct Answer
A) The following Tuesday at 5:00 PM
Under standard Illinois residential contract attorney review provisions, the review period runs for 5 business days from the date the fully executed contract is received by the parties. Counting forward from Wednesday: Day 1 = Thursday, Day 2 = Friday, Day 3 = Monday, Day 4 = Tuesday, Day 5 = Wednesday — however, because the contract was received on Wednesday, the period begins running that same day and the 5th business day falls on the following Tuesday. The period expires at 5:00 PM on that Tuesday, making option B correct.
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