Contracts
In a real estate contract, 'time is of the essence' means:
AThe transaction must close as quickly as possible
BAll deadlines in the contract are strict and must be met precisely✓ Correct
CThe agent should work efficiently on the transaction
DThe contract expires if not accepted within 24 hours
Explanation
When a contract states 'time is of the essence,' all dates and deadlines are strict and must be met exactly as written. Missing a deadline can constitute a breach of contract, allowing the other party to terminate and seek remedies.
People Also Study
Related Oklahoma Questions
- Time is of the essence in a real estate contract means:Contracts
- An Oklahoma real estate contract provision stating 'time is of the essence' means:Contracts
- When a buyer's offer is accepted exactly as written by the seller, the contract becomes:Contracts
- Specific performance as a remedy for breach of a real estate contract means:Contracts
Key Terms to Know
Option Contract
A 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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Study This Topic
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →