Contracts
In a Delaware real estate transaction, 'time is of the essence' means:
AThe contract must be completed as quickly as possible
BAll deadlines specified in the contract are strictly enforced✓ Correct
CThe seller may cancel after 30 days
DDelays are acceptable if both parties agree verbally
Explanation
A 'time is of the essence' provision means that all contractual deadlines are strictly enforced, and failure to perform by the specified date constitutes a material breach.
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