Contracts
What is 'mutual assent' and why is it required for a valid Illinois real estate contract?
AThe consent of both parties' attorneys to the contract terms
BA meeting of the minds, where both parties agree to the same terms through offer and acceptance✓ Correct
CThe title company's and lender's approval of the contract
DIDFPR's certification that the contract complies with Illinois law
Explanation
Mutual assent (also called 'meeting of the minds') requires that both parties genuinely agree to the same terms. It is formed through valid offer and acceptance. Without mutual assent, there is no contract. Mutual assent can be undermined by mistake, misrepresentation, fraud, duress, or undue influence. An Illinois real estate contract must have mutual assent to be enforceable.
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