Contracts
In Kentucky, 'time is of the essence' in a real estate contract means:
AThe contract expires after 30 days automatically
BAll deadlines in the contract are strict and must be met✓ Correct
CClosing must occur within 60 days
DThe parties must respond to all communications within 24 hours
Explanation
A 'time is of the essence' clause means that all dates and deadlines in the contract are strictly binding and failure to meet them may constitute a material breach.
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