Illinois Compiled Statutes 810 ILCS 5/2A-201 – Statute of frauds
Current as of: 2024 | Check for updates
|
Other versions
(1) A lease contract is not enforceable by way of action or defense unless:
(a) the total payments to be made under the lease
(a) the total payments to be made under the lease
contract, excluding payments for options to renew or buy, are less than $1,000; or
|
(b) there is a writing, signed by the party against
whom enforcement is sought or by that party’s authorized agent, sufficient to indicate that a lease contract has been made between the parties and to describe the goods leased and the lease term.
|
(2) Any description of leased goods or of the lease term is sufficient and satisfies subsection (1)(b), whether or not it is specific, if it reasonably identifies what is described.
Terms Used In Illinois Compiled Statutes 810 ILCS 5/2A-201
- Contract: A legal written agreement that becomes binding when signed.
- Goods: means all things that are movable at the
time of identification to the lease contract, or are fixtures (Section 2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Illinois Compiled Statutes 810 ILCS 5/2A-103 | |||||||||||||||||||||||||||||||
|