Contracts
What is an 'addendum' to a real estate contract and how does it interact with the main contract in Illinois?
AAn addendum replaces the main contract; only the addendum is enforceable
BAn addendum adds to or modifies specific terms of the main contract; its terms supersede conflicting provisions in the main contract✓ Correct
CAn addendum is merely informational and has no contractual effect
DAn addendum requires separate consideration to be enforceable
Explanation
An addendum is a document that adds to or modifies a real estate contract. It becomes part of the contract when properly executed by all parties. If the addendum conflicts with the main contract, the addendum's terms generally supersede the main contract provisions (being the later, more specific document). Addenda must be properly identified (referencing the main contract by date and property address), signed by all parties, and retained as part of the transaction file.
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