Contracts
If a Michigan home purchase contract includes a 'time is of the essence' clause, this means:
AThe closing date is flexible within a reasonable time
BDeadlines in the contract must be strictly observed✓ Correct
CThe seller must accept the first offer received
DThe buyer may extend any deadline with written notice
Explanation
A 'time is of the essence' clause in a Michigan contract makes all specified deadlines strictly enforceable. Failure to perform by the stated date may constitute a breach, even if only a day late.
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