Contracts
A Nebraska purchase agreement that includes the phrase 'buyer and seller agree that time is of the essence' makes which deadline the most critical?
AOnly the closing date
BAll deadlines in the contract — any missed deadline may constitute a material breach✓ Correct
COnly contingency deadlines, not the closing date
DOnly those deadlines over 30 days in length
Explanation
'Time is of the essence' applies broadly to all contract deadlines — inspection periods, financing contingency dates, appraisal deadlines, and the closing date. Missing any of them without consent can be a material breach.
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