Contracts
In Kansas, what is a 'contingency' in a real estate contract and what happens when one fails?
AA guaranteed condition that must occur
BA condition that must be satisfied for the contract to become binding; if it fails, the buyer may typically cancel and recover earnest money✓ Correct
CA clause that extends the closing date automatically
DA penalty clause for breach of contract
Explanation
A contingency is a condition that must be met for the contract to proceed. Common examples include financing, inspection, and appraisal contingencies.
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