What is the legal significance of 'time being of the essence' in a real estate contract?
Correct Answer
C) Failure to meet specified deadlines constitutes breach of contract
When time is of the essence, the dates in the contract are strict terms, so failing to perform by a stated deadline is a breach that lets the other party treat the agreement as ended and pursue its remedies. The clause displaces the equitable approach under which a short delay might otherwise be excused.
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