Contracts
In Kansas, a 'material breach' of a real estate contract differs from a 'minor breach' in that a material breach:
AAlways involves money only
BGoes to the heart of the contract and may excuse the non-breaching party from performance and allow them to sue for damages✓ Correct
CCan only be remedied through KREC mediation
DIs treated the same as a minor breach legally
Explanation
A material breach defeats the purpose of the contract and may excuse the non-breaching party from their own performance obligations, allow contract termination, and support a lawsuit for damages.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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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