ContractsPregunta 55 de 100
A 'time is of the essence' clause in a contract means that:
a.Deadlines are merely suggestions
b.The parties may close whenever convenient
c.The contract never expires
d.Performance by the stated dates is a material requirement
Explicación
A 'time is of the essence' clause makes the stated deadlines strictly binding, so failure to perform on time is a material breach. Without such a clause, courts may allow a reasonable time for performance. This clause is common in real estate closings.
Practica las 100 preguntas gratis — sin registro.
Preguntas relacionadas de este tema
- Earnest money in a purchase contract primarily serves to:
- A contingency in a real estate contract is:
- The substitution of a new contract or new party for an existing one, releasing the original obligation, is called:
- If a buyer breaches a real estate contract, a liquidated damages clause typically allows the seller to:
- An option contract gives the optionee:
- A listing agreement in which the broker earns a commission regardless of who sells the property, even the owner, is a(n):
Última revisión: · proceso editorial
Equipo Editorial de PrepPass · Verificado con New York Real Estate Salesperson Licensing Exam · Cómo revisamos