Sec. 5-40. Contract or agreement provisions.

215 words·~1 min read·/il/chapter-815/act-602/5-40

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.