Contracts
In NJ, a contract provision that specifies the 'time is of the essence' as to the closing date means that if either party fails to close on that date without a legally valid excuse:
AA 10-day grace period automatically applies
BThe non-defaulting party may declare default immediately without additional notice or grace period✓ Correct
CThe NJREC must mediate the dispute
DThe contract automatically renews for 30 more days
Explanation
When a NJ contract contains a 'time is of the essence' provision, failure to perform by the exact date specified allows the non-defaulting party to immediately declare the other party in default and pursue available remedies.
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