Contracts
What does 'time is of the essence' mean in a real estate contract?
AThe deal must close within 30 days
BDeadlines in the contract are strictly enforceable and missing them is a breach✓ Correct
CThe agent must respond to all offers within 24 hours
DThe seller has limited time to accept an offer
Explanation
'Time is of the essence' means all deadlines in the contract are strictly binding. Missing a deadline — even by one day — can constitute a material breach of contract.
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