Contracts
A Wyoming purchase agreement specifies a 'time is of the essence' clause. This means:
AThe parties should try to close within a reasonable time
BAll deadlines in the contract must be strictly adhered to or a party may be in default✓ Correct
CThe listing period expires more quickly than usual
DThe seller must respond to offers within 24 hours
Explanation
A 'time is of the essence' clause makes all contract dates and deadlines strictly binding. Missing a deadline (such as closing date or contingency deadline) without an extension agreement can constitute a material breach of contract.
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