Contracts
The 'time is of the essence' clause in a real estate contract means:
AThe contract expires in 24 hours if not signed
BAll deadlines and dates specified in the contract are strictly binding✓ Correct
CThe closing must occur within 30 days
DThe broker must present all offers immediately
Explanation
When a contract contains a 'time is of the essence' clause, all specified dates and deadlines are strictly binding. Failure to perform by the stated dates may constitute a material breach.
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