ContractsQuestion 58 of 120
'Time is of the essence' in a contract means:
a.The parties may perform whenever convenient
b.Deadlines are merely suggestions
c.The contract never expires
d.Deadlines must be met exactly, and failure to do so is a breach
Explanation
When time is of the essence, the stated dates and deadlines are strictly enforced, and missing them can constitute default. This clause is common in real estate contracts to ensure timely closing.
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