Contracts
A Mississippi purchase contract states that 'time is of the essence.' This phrase means:
AThe closing date may be extended by mutual agreement only
BAll deadlines in the contract must be strictly adhered to✓ Correct
CThe transaction must close within 30 days
DThe buyer must respond to all requests within 24 hours
Explanation
'Time is of the essence' means that the deadlines specified in the contract are material terms. Failure to meet a deadline can constitute a breach of contract.
Related Mississippi Contracts Questions
- A Mississippi seller tells their agent, 'I'll accept $195,000 but I'm listed at $210,000.' The agent shows the property to a buyer who offers $200,000. The agent must:
- In Mississippi, a contract signed by a 16-year-old to purchase real property is:
- A Mississippi purchase agreement states the property is being sold 'as is.' The 'as is' clause:
- Under Mississippi law, a contract that is voidable (rather than void) is:
- A Mississippi real estate sales contract is 'contingent upon the sale of the buyer's current home.' This type of contingency is called:
- A Mississippi buyer submits an offer with a 48-hour acceptance deadline. The seller calls the buyer's agent 50 hours later to accept. This constitutes:
- A Mississippi real estate contract contains a 'liquidated damages' clause stating the seller may keep the earnest money if the buyer defaults. This clause is enforceable when:
- An 'assignment' of a Mississippi real estate contract allows the original buyer to:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →