Contracts第 55 / 100 题
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
解析
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.
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