Contracts
In Nevada, time is of the essence in a real estate contract means:
AThe parties have a reasonable time to perform
BDeadlines specified in the contract must be strictly met, and failure is a breach✓ Correct
CThe contract automatically renews if not cancelled
DLate performance is acceptable if both parties agree verbally
Explanation
A 'time is of the essence' clause makes all contract deadlines strictly enforceable. Missing a deadline (such as a loan commitment date or closing date) constitutes a breach, potentially allowing the other party to cancel and seek damages.
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