Contracts
In Kansas, what is 'impossibility of performance' as a defense to contract non-performance?
AThe seller claims the price is too low
BWhen an unforeseen event beyond either party's control makes performance of the contract objectively impossible, potentially excusing non-performance✓ Correct
CA buyer's claim that financing is difficult to obtain
DA seller's claim that the property took too long to sell
Explanation
Impossibility of performance is a defense when circumstances beyond either party's control (destruction of the property, death of a unique performer, supervening illegality) make performance objectively impossible.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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