Contracts
In Kansas, what is a 'novation' in a real estate contract context?
AAdding a new term to an existing contract
BSubstituting a new contract or party in place of an old one, releasing the original party from liability✓ Correct
CA minor modification to the closing date
DA court order voiding the original contract
Explanation
Novation substitutes a new party or obligation for an old one, with all parties' consent, and releases the original party from liability. For example, a loan assumption with lender approval constitutes novation.
Related Kansas Contracts Questions
- In Kansas, a purchase contract that is 'executory' means:
- In Kansas, a real estate contract executed by a person who has been declared legally incompetent by a court is:
- A Kansas homebuilder's contract with a buyer contains an 'arbitration clause.' This means disputes will be resolved:
- In Kansas, what is an 'inspection period' in a residential purchase contract?
- A minor (under 18) signs a Kansas real estate purchase agreement. This contract is:
- In Kansas, the 'merger doctrine' in real estate means that once a deed is delivered and accepted:
- In Kansas, what is 'accord and satisfaction' in a real estate dispute?
- In Kansas, 'time of the essence' language can make which contract event a potential breach?
Practice More Kansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kansas Quiz →