Contracts
In Hawaii, a 'time is of the essence' clause in a purchase contract means:
AThe parties must act promptly but deadlines are approximate
BAll contractual deadlines are strictly enforceable and failure to perform on time may be a material breach✓ Correct
CThe offer expires within 24 hours
DThe seller must close within 30 days regardless of financing
Explanation
A 'time is of the essence' clause makes all deadlines in the contract strictly binding. Missing a deadline may constitute a material breach, giving the other party the right to terminate the contract.
Related Hawaii Contracts Questions
- In Hawaii, which of the following is NOT an essential element of a valid real estate contract?
- Under Hawaii law, a minor (under 18) who signs a real estate contract creates a contract that is:
- In Hawaii, a real estate contract that is 'void' is:
- Under the Statute of Frauds, which of the following real estate agreements must be in writing to be enforceable?
- Which of the following must be included in a Hawaii buyer's written offer to make it a valid contract upon acceptance?
- A Hawaii buyer submits an offer with a 3-day acceptance deadline. On day 2, the seller makes a counteroffer. What is the legal effect?
- In Hawaii, a contract to sell real property signed by only one spouse when both are on title is generally:
- A Hawaii purchase contract requires delivery of the deed within 30 days. The seller fails to deliver. The buyer's available remedies include:
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