A proposal to enter into an agreement with another person. An offer must express the intent of the person making the offer to form a contract, must contain some... (more...)

A proposal to enter into an agreement with another person. An offer must express the intent of the person making the offer to form a contract, must contain some essential terms--including the price and subject matter of the contract--and must be communicated by the person making the offer. A legally valid acceptance of the offer will create a binding contract.

MORTGAGE

A loan in which the borrower puts up the title to real estate as security (collateral) for a loan. If the borrower doesn't pay back the debt on time, the lender... (more...)

A loan in which the borrower puts up the title to real estate as security (collateral) for a loan. If the borrower doesn't pay back the debt on time, the lender can foreclose on the real estate and have it sold to pay off the loan.

LEGACY

An outdated legal word meaning personal property left by a will. The more common term for this type of property is bequest. Compare devise.

LIQUID ASSETS

Business property that can be quickly and easily converted into cash, such as stock, bank accounts and accounts receivable.

UNJUST ENRICHMENT

A legal doctrine stating that if a person receives money or other property through no effort of his own, at the expense of another, the recipient should return ... (more...)

A legal doctrine stating that if a person receives money or other property through no effort of his own, at the expense of another, the recipient should return the property to the rightful owner, even if the property was not obtained illegally. Most courts will order that the property be returned if the party who has suffered the loss brings a lawsuit.

QUANTUM MERUIT

The reasonable value of services provided, which a winning party may be able to recover from an opponent who broke a contract.

VESTED REMAINDER

An unconditional right to receive real property at some point in the future. A vested interest may be created by a deed or a will. For example, if Julie's will ... (more...)

An unconditional right to receive real property at some point in the future. A vested interest may be created by a deed or a will. For example, if Julie's will leaves her house to her daughter, but the daughter gains possession only after Julie's husband dies, the daughter has a vested remainder in the house.

SERVIENT TENEMENT

Property that is subject to use by another for a specific purpose. For example, a beachfront house that has a public walkway to the beach on its premises would ... (more...)

Property that is subject to use by another for a specific purpose. For example, a beachfront house that has a public walkway to the beach on its premises would be a servient tenement.

LOAN BROKER

A person who specializes in matching home buyers with appropriate mortgage lenders. For a fee--often paid by the lender--a loan broker provides any easy and eff... (more...)

A person who specializes in matching home buyers with appropriate mortgage lenders. For a fee--often paid by the lender--a loan broker provides any easy and effective way to find the cheapest mortgage rates.

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 ...

Longview Landlord-Tenant Lawyer, Illinois, page 2

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