Contracts
In Kansas, what is a 'right of first refusal' in a real estate contract?
AThe seller's right to refuse any offer
BA contractual right giving the holder the option to match any offer the owner receives before the owner can accept an outside offer✓ Correct
CThe buyer's right to cancel the contract for any reason
DThe broker's right to reject low offers
Explanation
A right of first refusal gives the holder the right to purchase the property on the same terms as any bona fide offer the owner receives. It is common in commercial leases, partnership agreements, and some residential contracts.
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