ContractsCâu 58 / 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
Giải thích
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.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- When an offeree responds to an offer by changing a material term, the response is legally a:
- A contract that is missing an essential element and has no legal effect from the beginning is:
- A contract signed by a minor is generally considered:
- Substituting a new contract for an existing one, or replacing a party with a new party by agreement, is known as:
- If a buyer defaults, a contract clause that pre-sets the seller's damages (often the earnest money) is called a:
- A legal remedy in which a court orders a defaulting seller to actually convey the property as agreed is:
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