Contracts
Time is of the essence clauses in NJ real estate contracts mean:
AClosing must occur within 30 days of signing
BDeadlines in the contract are strictly enforceable and missing them may constitute a breach✓ Correct
CThe attorney review period is waived
DThe seller must respond to all offers within 24 hours
Explanation
A 'time is of the essence' clause makes contract deadlines strictly enforceable; failure to perform by a specified date can be treated as a material breach.
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