Contracts
In Illinois, which of the following is an essential element of a valid real estate contract?
AA minimum earnest money deposit
BNotarization by a licensed notary
CMutual assent (offer and acceptance)✓ Correct
DApproval by the managing broker
Explanation
Mutual assent — a valid offer and acceptance (meeting of the minds) — is an essential element of every contract. Other essential elements include competent parties, consideration, legal purpose, and (for real estate) written form under the Statute of Frauds.
Related Illinois Contracts Questions
- What is 'mutual assent' and why is it required for a valid Illinois real estate contract?
- The parol evidence rule in contract law provides that:
- A real estate contract can be discharged (ended) by mutual rescission, which means:
- An Illinois land contract (contract for deed) often contains an acceleration clause that provides:
- A real estate contract in Illinois is legally binding when:
- A purchase contract states that 'time is of the essence.' This means:
- An addendum to a real estate contract is:
- If a seller accepts a buyer's offer and then receives a higher offer before communicating acceptance, the seller may:
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