Contracts
A Kentucky real estate contract that allows either party to terminate for any reason without cause is called a:
AVoid contract
BAt-will contract or agreement with a 'free look' period✓ Correct
CBilateral contract
DOption contract
Explanation
Some agreements include 'free look' or 'due diligence' periods during which either party (or typically the buyer) may terminate without providing a specific reason.
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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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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