ContractsCâu 64 / 120
'Time is of the essence' in a real estate contract means:
a.The contract has no expiration
b.Only the seller's dates matter
c.The closing can occur at any convenient time
d.Deadlines in the contract must be strictly met
Giải thích
A 'time is of the essence' clause makes the stated deadlines binding and strictly enforceable, so failing to perform on time can be a breach. Without such a clause, courts may allow reasonable extensions. This clause is common in purchase agreements to keep transactions on schedule.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- If a buyer and seller mutually agree to cancel their contract and return to their pre-contract positions, this is called:
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- An option contract gives the holder (optionee) the:
- Which of the following typically makes a contract 'void' rather than merely voidable?
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