Contracts
What is the significance of the phrase 'time is of the essence' in real estate contracts?
AThe parties must meet quickly
BAll deadlines are strictly enforced and failure to meet them is a material breach✓ Correct
CThe contract must be performed within 30 days
DIt requires quick responses to all notices
Explanation
When a contract states 'time is of the essence,' all deadlines become firm commitments. Failure to perform on the exact date specified is a material breach, entitling the non-breaching party to remedies without additional notice.
Related Ohio Contracts Questions
- A buyer submits an offer and the seller responds with different terms. Under Ohio contract law, this is:
- What is a counterproposal (counteroffer) in a real estate transaction?
- Under Ohio law, which of the following is TRUE about earnest money?
- An Ohio purchase contract states the buyer's obligation to purchase is 'contingent upon the buyer selling their current home.' This is called a:
- In Ohio, a 'waiver' in a real estate contract means one party has:
- What is an addendum for inspection contingency in Ohio?
- What is the difference between a warranty deed and a grant deed?
- In Ohio, which of the following is an example of 'unilateral contract' in real estate?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →