Contracts
The concept of 'time is of the essence' in a Georgia real estate contract means:
AThe contract has no time limits
BAll deadlines must be met exactly as specified or the party is in breach✓ Correct
CClosing must occur within 30 days
DThe contract automatically extends if deadlines are missed
Explanation
When 'time is of the essence' is included in a contract, all deadlines are strictly enforceable. Missing a deadline constitutes a breach, allowing the non-breaching party to terminate or pursue damages.
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