Contracts
In South Carolina, a contract clause stating 'time is of the essence' regarding the closing date means:
AThe closing can be extended by mutual agreement only
BFailing to close on the specified date is a material breach✓ Correct
CThe buyer may delay closing for up to 30 days
DThe seller may delay closing without penalty
Explanation
When a contract states 'time is of the essence,' all deadlines—especially the closing date—are strictly enforceable. Failing to close on the specified date constitutes a material breach.
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