A buyer receives a supplemental disclosure from the seller after contract execution and believes this automatically grants a full, unrestricted right to terminate the contract. How does Illinois law treat the buyer's termination right following a supplemental disclosure?
Correct Answer
B) The buyer's assumption is incorrect — the right to terminate after a supplemental disclosure is conditional and depends on the nature of the defect and whether the seller agrees to remedy it.
Under 765 ILCS 77/55, a supplemental disclosure does not automatically create an unconditional termination right. The buyer's ability to terminate is conditional: it depends on the nature of the newly disclosed defect and the seller's response — specifically, whether the seller agrees to remedy the condition. If the seller agrees to correct the defect, the buyer's termination right is extinguished under the statutory framework.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
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