Contracts
A South Carolina purchase agreement states 'time is of the essence.' This means:
AThe closing can be extended without penalty
BAll deadlines in the contract are strictly enforceable✓ Correct
COnly the closing date is fixed
DThe seller may delay performance without breach
Explanation
'Time is of the essence' means that all dates and deadlines in the contract are strictly binding. Failure to meet a deadline constitutes a material breach, potentially allowing the other party to void the contract.
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