Contracts
In a Kansas real estate purchase agreement, parol evidence means:
AEvidence presented at a parole board hearing
BOral statements or evidence outside the written contract✓ Correct
CWritten amendments to the contract
DEvidence of the buyer's creditworthiness
Explanation
Parol evidence refers to oral statements made before or at the time of contract signing. The parol evidence rule generally prevents using such statements to contradict a fully integrated written contract.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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