Contracts
In North Dakota, 'time is of the essence' in a purchase agreement means:
AThe buyer must close as soon as possible
BDeadlines in the contract are strict and failure to meet them constitutes breach✓ Correct
COnly the closing date is important
DEither party can extend deadlines without consequence
Explanation
When a contract includes 'time is of the essence' language, all dates and deadlines are strictly enforced. Failure to perform by a specified date is a material breach, potentially allowing the non-breaching party to terminate the contract.
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