Contracts
What is the legal effect of a contingency in an Illinois real estate contract?
AIt makes the contract void from the beginning
BIt makes the contract voidable by the protected party if the specified condition is not met✓ Correct
CIt automatically extends the closing date by 30 days
DIt requires both parties to renegotiate the price
Explanation
A contingency is a condition that must be satisfied for the contract to remain binding. If the contingency is not satisfied, the protected party has the right to void the contract (make it voidable).
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