Contracts
In an Arizona purchase contract, the phrase 'time is of the essence' applies to:
AThe asking price
BAll deadlines and performance dates specified in the contract✓ Correct
COnly the closing date
DOnly the inspection period
Explanation
When 'time is of the essence' is in a contract, all specified dates and deadlines—not just closing—are material and binding. Missing any material deadline can constitute breach.
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