Bismarck Landlord-Tenant Lawyer, Illinois
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LEGAL TERMS
SHARED EQUITY MORTGAGE
A home loan in which the lender gets a share of the equity of the home in exchange for providing a portion of the down payment. When the home is later sold, the... (more...)
A home loan in which the lender gets a share of the equity of the home in exchange for providing a portion of the down payment. When the home is later sold, the lender is entitled to a portion of the proceeds.
COOLING-OFF RULE
A rule that allows you to cancel a contract within a specified time period (typically three days) after signing it. Federal cooling-off rules apply this three-d... (more...)
A rule that allows you to cancel a contract within a specified time period (typically three days) after signing it. Federal cooling-off rules apply this three-day grace period to sales made door-to-door and anywhere other than a seller's normal place of business, such as at a trade show. Another federal cooling-off rule lets you cancel a home improvement loan or second mortgage within three days of signing. Various states have cooling-off rules that sometimes apply even longer cancellation periods to specific types of sales, such as dancing lessons and timeshares.
PATENT CLAIM
A statement included in a patent application that describes the structure of an invention in precise and exact terms, using a long established formal style and ... (more...)
A statement included in a patent application that describes the structure of an invention in precise and exact terms, using a long established formal style and precise terminology. Patent claims serve as a way for the U.S. Patent and Trademark Office (PTO) to determine whether an invention is patentable, and as a way for a court to determine whether a patent has been infringed. In concept, a patent claim marks the boundaries of the patent in the same way as the legal description in a deed specifies the boundaries of the property.
LIQUID ASSETS
Business property that can be quickly and easily converted into cash, such as stock, bank accounts and accounts receivable.
LIFE TENANT
One who has a life estate in real property.
QUANTUM MERUIT
The reasonable value of services provided, which a winning party may be able to recover from an opponent who broke a contract.
SPECIFIC PERFORMANCE
A remedy provided by a court that orders the losing side to perform its part of a contract rather than, or possibly in addition to, paying money damages to the ... (more...)
A remedy provided by a court that orders the losing side to perform its part of a contract rather than, or possibly in addition to, paying money damages to the winner.
BREACH OF CONTRACT
A legal claim that one party failed to perform as required under a valid agreement with the other party. For example you might say, 'The roofer breached our con... (more...)
A legal claim that one party failed to perform as required under a valid agreement with the other party. For example you might say, 'The roofer breached our contract by using substandard supplies when he repaired my roof.'
APPRAISER
A person who is hired to determine the current value of real estate or other property.
SAMPLE LEGAL CASES
Suburban Auto Rebuilders, Inc. v. Associated Tile Dealers Warehouse, Inc.
... The lease contained a right of first refusal, which provided that "Landlord [Associated]
will give Tenant [Suburban] First Right of Refusal if Landlord intends to sell the
property. Landlord will give Tenant 30 day[s] notice of intent ...
Dubey v. Public Storage, Inc.
... Dubey notes that the trial court's decision finding the limitation provision of the rental agreement
to be an exculpatory clause and void for public policy reasons in violation of the Landlord and
Tenant Act (765 ILCS 705/0.01 (West 1998)), was issued on May 8, 2007. ...
Landis v. Marc Realty, LLC
... More than four years after they vacated their apartment, plaintiffs Ken and Ana 302 Landis filed
suit against defendants Marc Realty, LLC, and Elliott Weiner, for the damages provided for in
subsection (f) of section 5-12-080 of the Chicago Residential Landlord and Tenant ...
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