Illinois Compiled Statutes 815 ILCS 602/5-40 – Contract or agreement provisions
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(a) It is unlawful for any person to offer or sell any business opportunity required to be registered unless the business opportunity contract or agreement is in writing and a copy of the contract or agreement is given to the purchaser at the time the purchaser signs the contract or agreement.
(b) Contracts or agreements shall set forth in at least ten-point type or equivalent size, if handwritten, the following:
(1) The terms and conditions of any and all payments
(b) Contracts or agreements shall set forth in at least ten-point type or equivalent size, if handwritten, the following:
Terms Used In Illinois Compiled Statutes 815 ILCS 602/5-40
- Contract: A legal written agreement that becomes binding when signed.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Service of process: The service of writs or summonses to the appropriate party.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(1) The terms and conditions of any and all payments
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due to the seller;
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(2) The seller’s principal business address and the
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name and address of the seller’s agent in this State authorized to receive service of process;
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(3) The business form of the seller, whether
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corporate, partnership, or otherwise;
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(4) The delivery date or, when the contract provides
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for a periodic delivery of items to the purchaser, the approximate delivery date of the product, equipment, or supplies the seller is to deliver to the purchaser to enable the purchaser to start his or her business; and
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(5) Whether the product, equipment, or supplies are
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to be delivered to the purchaser’s home or business address or are to be placed or caused to be placed by the seller at locations owned or managed by persons other than the purchaser.
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