Contracts
In Kansas, what is an 'option contract' in real estate?
AA contract that must be exercised within 30 days by law
BA contract giving the buyer the right but not the obligation to purchase a property at an agreed price within a specified time period✓ Correct
CA lease with a right of first refusal
DA contingency allowing the buyer to back out for any reason
Explanation
An option contract gives the holder (optionee) the right to purchase property at a set price within a set period, in exchange for option consideration paid to the owner. The optionee is not obligated to buy.
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