A complicated Letter of Intent (LOI) involving parties to a planned car sales venture lies at the heart of Dicosola v. Ryan, 2015 IL App(1st) 150007, a case that addresses the level of consideration required to support a written contract in Illinois. The plaintiff alleged that under the LOI, the defendant was to invest $1M …
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Oral Contracts in Illinois – Are they Enforceable?
Yes. Oral contracts are enforceable. The main exceptions are contracts governed by the Statute of Frauds (SOF), which requires certain contracts to be in writing. See 740 ILCS 80/1, 2; 810 ILCS 5/2-201. The Illinois Credit Agreements Act (ICA) also requires certain agreements to lend money in a commercial setting be in writing. 815 ILCS 160/1 et seq. I still use …
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