Contracts
What is 'time is of the essence' language in an Illinois real estate contract?
AA statement that the contract will expire in 24 hours
BA clause making the specified contract dates and deadlines strict requirements, where failure to perform on time constitutes a material breach✓ Correct
CA requirement that offers be presented immediately
DA standard disclosure about the attorney review period
Explanation
'Time is of the essence' is a contractual clause that makes all specified dates and deadlines in the contract strict conditions of performance. If a party fails to perform by the specified date (closing date, contingency deadline, etc.), it constitutes a material breach. Without this language, courts may allow reasonable delays. Illinois real estate contracts typically include 'time is of the essence' provisions for closing dates.
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