Contracts
If a buyer's financing contingency states that the contingency must be removed 'in writing' but the buyer orally tells the seller they have financing and will waive the contingency, is the oral waiver effective?
AYes, any oral waiver is binding in Illinois
BNo, if the contract requires written waiver, an oral waiver is likely ineffective✓ Correct
CYes, but only if witnessed by the broker
DNo, waivers can never be made before the closing date
Explanation
If the contract specifies that a contingency waiver must be in writing, an oral waiver is generally not sufficient. Contractual requirements for written modifications or waivers are enforceable in Illinois, and both parties should ensure any changes to the contract are made in writing.
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