Contracts
A Wyoming purchase contract that is 'time is of the essence' means:
AThe parties should try to meet the deadlines
BFailure to meet any deadline in the contract is a material breach✓ Correct
CThe seller has extra time to respond to offers
DOnly closing deadlines are strictly enforced
Explanation
A 'time is of the essence' clause makes all contractual deadlines strictly enforceable. Missing a deadline can constitute a material breach of contract, allowing the non-breaching party to terminate and seek remedies.
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