Final answer:
Illinois law generally does not allow buyers to rescind a property purchase agreement based on a change of heart. The terms to cancel would need to be within the contract itself, and the provided lease agreement terms do not apply to property purchase transactions.
Step-by-step explanation:
In Illinois, the law does not typically provide a provision for buyers to unilaterally rescind a purchase agreement simply because they had a change of heart a week after agreeing to all terms. However, there may be certain contingencies within the purchase contract itself that could allow for cancellation, such as inspection contingencies, financing contingencies, or a previously agreed-upon rescission clause. Otherwise, the buyers would potentially be in breach of contract.
The information provided from the lease agreement regarding possession and termination pertains to rental situations and is not directly applicable to a purchase agreement for property ownership. In a lease, parties have provisions that allow for cancellation under certain circumstances such as inability to provide possession or by giving appropriate notice at the end of a leasing period. Nevertheless, these lease clauses do not offer guidance on purchase agreement rescission for a property transaction.
If the buyers wish to rescind the purchase agreement after a week, they should review the contract for specific clauses that may allow for this action or consult with an attorney to explore if any Illinois laws, like a recission period specific to certain transactions, might be relevant to their situation.