Contracts
In Indiana, the phrase 'time is not of the essence' in a real estate contract means:
AThere are no deadlines in the contract
BDeadlines are guidelines rather than strict requirements — minor delays may not constitute a breach✓ Correct
CThe closing date is always negotiable
DThe parties may ignore all contract timelines
Explanation
Without a 'time is of the essence' clause, deadlines in an Indiana contract are not necessarily strict — minor delays may be excused. The non-breaching party typically must demand performance within a reasonable time before treating the delay as a material breach.
Related Indiana Contracts Questions
- A seller in Indiana who makes substantial renovations to the property after accepting a purchase offer but before closing without the buyer's knowledge:
- An Indiana purchase agreement containing an appraisal contingency allows the buyer to:
- The 'meeting of the minds' (mutual assent) required for an Indiana real estate contract requires that both parties:
- A buyer in Indiana backs out of a purchase contract before inspection and without any contingency. The seller may:
- In Indiana, a 'right of first refusal' in a real estate context gives the holder:
- In Indiana, a lease with an option to purchase grants the tenant:
- Indiana's doctrine of merger in real estate provides that:
- An Indiana real estate buyer who waives all contingencies and then cannot close is most likely:
Practice More Indiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Indiana Quiz →