Contracts
What is a 'time is of the essence' clause in an Idaho real estate contract?
AA clause requiring performance by a specific deadline, making the deadline a material term✓ Correct
BA clause allowing flexible closing dates
CA clause protecting buyers from delays
DA clause requiring arbitration within 30 days
Explanation
A 'time is of the essence' clause makes contractual deadlines material terms. In Idaho, when this clause is included, failure to perform by the specified date can constitute a material breach, allowing the other party to cancel the contract.
Related Idaho Contracts Questions
- What is 'unconscionability' in Idaho contract law?
- What is 'impossibility of performance' as it relates to an Idaho real estate contract?
- In Idaho, a 'right of first refusal' in a real estate contract means the holder has:
- What is 'accord and satisfaction' in the context of an Idaho real estate dispute?
- What is a 'latent defect disclosure' obligation under the Idaho purchase agreement?
- What is a 'free look' period in an Idaho real estate transaction?
- What is 'closing in escrow' versus a 'table closing' in Idaho?
- A 'concurrent condition' in an Idaho real estate contract means:
Practice More Idaho Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Idaho Quiz →