Contracts
What is the purpose of the 'time is of the essence' clause in a Wisconsin real estate contract?
AIt extends all deadlines automatically
BIt makes all contract deadlines strictly enforceable✓ Correct
CIt waives the inspection contingency
DIt gives the broker extra time to find buyers
Explanation
'Time is of the essence' means that all deadlines in the contract are strictly enforceable and failure to meet them may constitute a material breach.
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