Contracts
In Maine, a purchase and sale agreement may include a 'time is of the essence' clause, which means:
AThe parties must act quickly but deadlines are flexible
BFailure to meet contract deadlines can constitute a breach✓ Correct
CThe seller can extend the closing date at will
DThe buyer has unlimited time to obtain financing
Explanation
A 'time is of the essence' clause makes contract deadlines strict and enforceable. Failure to perform by the specified date can constitute a material breach of contract.
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