Contracts
A 'time is of the essence' clause in an Oklahoma contract makes the closing date:
AFlexible and easy to extend
BStrict — failure to close on the specified date is a material breach✓ Correct
CAdvisory only with no legal consequences
DEnforceable only by the seller
Explanation
When a contract contains a 'time is of the essence' clause, all specified dates (including closing) are strict. Failure by either party to perform by the specified date constitutes a material breach entitling the other party to seek remedies.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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