Contracts
In a Connecticut real estate transaction, a 'time is of the essence' clause means:
AThe contract automatically terminates after 30 days
BAll deadlines in the contract must be strictly met, and failure to meet a deadline is a material breach✓ Correct
CThe closing date is approximate and flexible
DThe parties may extend any deadline without penalty
Explanation
'Time is of the essence' makes all contractual deadlines strict and binding. Missing a deadline (such as the closing date) constitutes a material breach, allowing the non-breaching party to terminate and seek remedies.
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