Contracts
A Maryland contract clause stating 'time is of the essence' means:
ASettlement may be delayed without penalty
BDeadlines in the contract are strictly enforceable✓ Correct
CThe contract expires automatically after 30 days
DThe buyer may extend any deadline by written request
Explanation
'Time is of the essence' means all contract deadlines are strictly enforceable; failure to meet them can constitute a material breach.
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