Contracts
A 'time is of the essence' clause in a Nebraska purchase agreement primarily affects:
AOnly the commission payment date
BAll deadlines in the contract, making them strictly enforceable✓ Correct
COnly the inspection contingency deadline
DOnly the closing date, not contingency dates
Explanation
'Time is of the essence' makes ALL contractual deadlines strictly enforceable. Missing any deadline when this clause is present may be a material breach, allowing the non-breaching party to cancel and seek remedies.
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