Contracts
A Nebraska real estate contract states 'time is of the essence.' This means:
AThe contract must be signed quickly
BContract deadlines are strictly enforced and must be met exactly✓ Correct
CThe closing must occur within 30 days
DThe seller must move out immediately
Explanation
A 'time is of the essence' clause means that deadlines in the contract are strictly binding. Missing a deadline (even by one day) can constitute a material breach, allowing the non-breaching party to terminate the contract.
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