Illinois Compiled Statutes 810 ILCS 5/2A-204 – Formation in general
Current as of: 2024 | Check for updates
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(1) A lease contract may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of a lease contract.
(2) An agreement sufficient to constitute a lease contract may be found although the moment of its making is undetermined.
(2) An agreement sufficient to constitute a lease contract may be found although the moment of its making is undetermined.
Terms Used In Illinois Compiled Statutes 810 ILCS 5/2A-204
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease: means a transfer of the right to
possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103 | ||
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