Contracts
Under Wyoming contract law, 'time is of the essence' means:
ADeadlines in the contract are suggestions only
BAll dates and deadlines in the contract are strict and material terms✓ Correct
COnly the closing date is strictly enforced
DThe parties have a 30-day grace period after any deadline
Explanation
When a contract contains a 'time is of the essence' clause, all deadlines are strictly enforceable. Missing a deadline can constitute a breach of contract. This provision prevents parties from arguing that minor delays are not material.
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