Contracts
What is the legal effect of inserting 'time is of the essence' in an Ohio real estate contract?
ADeadlines become suggestions only
BAll specified deadlines become strict requirements, and failure to meet them is a material breach✓ Correct
CThe contract automatically extends by 30 days
DThe lender must approve any extensions
Explanation
When a contract includes 'time is of the essence,' all deadlines are treated as strict conditions. Missing a deadline without agreement can constitute a material breach and allow the other party to terminate.
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