Illinois § 5-40 Contract or agreement provisions

Illinois Statutes

§ 5-40 — Contract or agreement provisions

Illinois § 5-40

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 815BUSINESS TRANSACTIONS

Act 815 ILCS 602/Business Opportunity Sales Law of 1995.

Art.Article 5 -

This text of Illinois § 5-40 (Contract or agreement provisions) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

815 Ill. Comp. Stat. 5-40 (2026).

Text

(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 due to the seller;

(2)The seller's principal business address and the name and address of the seller's agent in this State authorized to receive service of process;

(3)The business form of the seller, whether corporate, partnership, or otherwise;

(4)The delivery date or, when the contract provides for a periodic delivery of i

Free access — add to your briefcase to read the full text and ask questions with AI

(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 due to the seller; (2) The seller's principal business address and the name and address of the seller's agent in this State authorized to receive service of process; (3) The business form of the seller, whether corporate, partnership, or otherwise; (4) The delivery date or, when the contract provides 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 (5) Whether the product, equipment, or supplies are 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.