Contracts
What is a time is of the essence clause in a real estate contract?
AA clause requiring quick showings
BA clause making all dates and deadlines strictly binding with breach consequences for failure to perform✓ Correct
CA requirement to close within 30 days
DA clause about inspection timing
Explanation
A 'time is of the essence' clause makes all contractual dates strictly binding. Failure to perform on time is a material breach. Without this clause, courts may allow reasonable delays without treating them as breach.
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