Contracts
In Maine, 'time is of the essence' in a purchase and sale agreement means:
AThe parties should try to close quickly
BAll deadlines are absolute and must be strictly met✓ Correct
CExtensions are automatically granted
DThe seller can set new deadlines unilaterally
Explanation
When a contract states 'time is of the essence,' all deadlines are material terms. Failure to perform by the specified date constitutes a breach, allowing the non-breaching party to terminate.
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