Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/2A-208

(810 ILCS 5/2A-208) (from Ch. 26, par. 2A-208)

Sec. 2A-208.

Modification, rescission, and waiver.

(1) An agreement modifying a lease contract needs no
consideration to be binding.

(2) A signed lease agreement that excludes modification or
rescission except by a signed writing may not be otherwise
modified or rescinded, but, except as between merchants, such a
requirement on a form supplied by a merchant must be
separately signed by the other party.

(3) Although an attempt at modification or rescission does
not satisfy the requirements of subsection (2), it may operate as
a waiver.

(4) A party who has made a waiver affecting an
executory portion of a lease contract may retract the waiver by
reasonable notification received by the other party that strict
performance will be required of any term waived, unless the
retraction would be unjust in view of a material change of
position in reliance on the waiver.

(Source: P.A. 87-493.)