Contracts
Time is of the essence in a New Hampshire real estate contract means:
AThe closing must occur in the morning
BDeadlines in the contract are strictly enforced; failure to meet them is a material breach✓ Correct
CThe seller may extend closing at any time
DThe contract automatically renews if not cancelled
Explanation
A 'time is of the essence' clause makes all contract deadlines strict. Missing a deadline — such as the financing contingency date or closing date — constitutes a material breach of contract.
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