Contracts
In Missouri real estate transactions, 'time is of the essence' in a contract means:
ADeadlines are suggestions that can be extended informally
BEach party must strictly perform by the stated deadlines or be in breach✓ Correct
COnly the closing date matters
DThe seller sets all deadlines unilaterally
Explanation
When a Missouri contract states 'time is of the essence,' each contractual deadline is binding. Failure to meet a deadline (without written extension) constitutes a breach and may allow the non-breaching party to terminate.
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