Contracts
What does 'time is of the essence' mean in a New Mexico real estate contract?
AThe closing must happen as soon as possible
BDeadlines in the contract are strict and must be met exactly✓ Correct
CThe contract expires automatically after 30 days
DParties can extend deadlines by mutual oral agreement
Explanation
A 'time is of the essence' clause means that all deadlines in the contract are strict. Failure to perform by the specified date constitutes a material breach of contract.
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