ContractsIntermediateDelaware Exam
Which of the following best describes 'time is of the essence' in a Delaware real estate contract?
AThe parties have flexibility to extend all deadlines
BAll deadlines and dates in the contract must be strictly metCorrect
COnly the closing date is strictly enforced
DThe phrase applies only to commercial contracts
Why All deadlines and dates in the contract must be strictly met Is Correct
Answer B: All deadlines and dates in the contract must be strictly met
'Time is of the essence' means all dates and deadlines in the contract are material and must be strictly met. Missing a deadline without an extension can constitute a breach of contract.
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
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