Contracts
A 'time is of the essence' clause in a New Hampshire real estate contract means:
AThe closing date may be extended by mutual agreement
BFailure to meet contract deadlines constitutes a material breach✓ Correct
CThe contract expires if not closed within 30 days
DThe buyer must waive all contingencies to proceed
Explanation
A 'time is of the essence' clause makes deadlines strict and binding. Failure to perform by the specified dates constitutes a material breach of contract, entitling the non-breaching party to remedies.
Related New Hampshire Contracts Questions
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