Illinois Compiled Statutes > 50 ILCS 531 > Article 1 – Local Government Electronic Reverse Auction Act
Current as of: 2024 | Check for updates
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Other versions
| § 50 ILCS 531/1-1 | Short title |
| § 50 ILCS 531/1-5 | Unit of local government defined |
| § 50 ILCS 531/1-10 | Reverse auction |
| § 50 ILCS 531/1-15 | Application |
Terms Used In Illinois Compiled Statutes > 50 ILCS 531 > Article 1 - Local Government Electronic Reverse Auction Act
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Quorum: The number of legislators that must be present to do business.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14