Contracts
The term 'time is of the essence' in a Massachusetts real estate contract means:
AThe parties should try to close as soon as possible
BDeadlines in the contract are strict and a failure to perform on time constitutes a breach✓ Correct
CExtensions are freely granted at the agent's discretion
DThe contract expires after 30 days automatically
Explanation
When a contract states 'time is of the essence,' the specified dates (closing, contingency deadlines, etc.) are strict.
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