Contracts
In a Wisconsin WB-11 offer, 'time is of the essence' means:
AThe contract is urgently needed in the market
BAll deadlines in the contract are strictly enforced and missing a deadline may void the contract or constitute a breach✓ Correct
COnly the closing date is strictly enforced
DDeadlines may be extended by oral agreement
Explanation
When time is of the essence, all contractual deadlines are strictly enforced; failure to meet a deadline — such as the inspection or financing deadline — can void rights or constitute a material breach.
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