Contracts
In a real estate purchase contract, 'time is of the essence' means:
AThe parties should try to close quickly but deadlines are flexible
BAll contractual deadlines must be strictly met or the party may be in default✓ Correct
CThe closing must occur within 30 days of contract acceptance
DOnly the closing date is critical
Explanation
'Time is of the essence' is a contract provision meaning all deadlines in the contract are strict. Missing a deadline may constitute a breach of contract and could allow the non-defaulting party to terminate the agreement or pursue legal remedies.
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