Contracts
In a Florida real estate contract, 'time is of the essence' means:
AThe parties should try to meet deadlines when convenient
BAll contractual deadlines are strict and must be met or the contract may be voided✓ Correct
CThe closing must occur within 30 days
DOnly the closing date is strictly enforced
Explanation
When a Florida real estate contract states that 'time is of the essence,' all contractual deadlines are strict and material. Failure to meet any deadline may give the non-defaulting party the right to terminate the contract and pursue remedies.
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