Contracts
In a real estate contract, 'time is of the essence' means that:
AThe closing must occur within 30 days by law
BDeadlines in the contract are strictly enforceable and failure to perform on time is a breach✓ Correct
CThe seller must accept any offer within 24 hours
DThe earnest money must be deposited immediately upon signing
Explanation
'Time is of the essence' is a contract clause that makes all deadlines strictly enforceable. Missing a deadline constitutes a breach of contract unless the parties agree in writing to an extension.
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