Except as otherwise provided in Articles 3, 4, 5, and 6, a person gives value for rights if the person acquires them:
         (1) in return for a binding commitment to extend
credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;
        (2) as security for, or in total or partial
satisfaction of, a preexisting claim;
        (3) by accepting delivery under a preexisting
contract for purchase; or
        (4) in return for any consideration sufficient to
support a simple contract.

Terms Used In Illinois Compiled Statutes 810 ILCS 5/1-204

  • Contract: A legal written agreement that becomes binding when signed.