A purchase agreement in Hutchinson, Kansas includes an inspection contingency giving the buyer 10 days to conduct a home inspection. On day 8, the inspector identifies a significant foundation issue. The buyer submits a written repair request to the seller asking for a $12,000 repair credit. The seller rejects the request outright. The buyer then submits a second written request for a $6,000 credit on day 11. Which statement best describes the buyer's legal position?
Correct Answer
D) The buyer has waived the inspection contingency by failing to terminate or reach agreement within the 10-day period
Under Kansas contract law, contingency periods are strictly enforced according to the terms of the purchase agreement. The buyer had 10 days to either complete the inspection and either accept the property, terminate the contract, or negotiate a resolution. By failing to formally terminate the contract or reach a written agreement within the 10-day inspection period, the buyer allowed the contingency to expire. The buyer's rights under the inspection contingency are waived once the deadline passes without proper action.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
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