Contracts
An Idaho real estate contract states that time is 'of the essence.' If the buyer misses the closing date, the seller may:
ABe required to extend the closing date automatically
BDeclare the buyer in breach and potentially retain the earnest money✓ Correct
COnly seek specific performance
DNot take any action for 30 days
Explanation
A 'time is of the essence' clause makes contract deadlines strictly enforceable. Missing the closing date constitutes breach, potentially allowing the seller to terminate and retain the earnest money as liquidated damages.
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