Contracts
An Alabama purchase contract requires that the property close 'on or before' a specified date. If the buyer is not ready to close on that date, this most likely constitutes:
AA material breach of contract if time is of the essence✓ Correct
BA minor inconvenience that can be extended verbally
CAutomatic grounds for the seller to retain the earnest money without legal process
DA basis for the buyer to demand a lower price
Explanation
If the contract specifies that time is of the essence, failure to close by the specified date may constitute a material breach, allowing the seller to enforce remedies including potentially retaining the earnest money.
Related Alabama Contracts Questions
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