Contracts
A North Dakota purchase contract provides that 'time is of the essence.' This means:
AThe contract can be extended indefinitely by mutual agreement
BAll deadlines and dates in the contract are strictly enforceable✓ Correct
CThe buyer has extra time to obtain financing
DThe seller may take the property off the market at any time
Explanation
When a contract states 'time is of the essence,' all deadlines are strictly enforced. Failure to meet a deadline may constitute a material breach, allowing the other party to terminate the contract.
Related North Dakota Contracts Questions
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