Contracts
In a real estate contract, 'time is of the essence' most critically affects:
AThe broker's commission
BDeadlines for closing, inspections, and contingency removals✓ Correct
CThe listing expiration date
DThe seller's right to accept backup offers
Explanation
When a contract specifies 'time is of the essence,' all deadlines (closing date, inspection period, loan contingency removal) are strictly binding, and missing them can constitute a breach of contract.
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