Contracts
The doctrine of 'time is of the essence' in an Oregon purchase contract means:
AThe contract must be signed quickly to be valid
BDeadlines and dates specified in the contract must be strictly adhered to✓ Correct
CThe property must close within 30 days of acceptance
DEither party may waive deadlines without consequence
Explanation
When a contract includes a 'time is of the essence' clause, all specified dates and deadlines are strictly binding. Missing a deadline — such as a closing date or contingency removal date — can constitute a breach of contract.
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