A residential purchase agreement includes a 'time is of the essence' clause. The buyer fails to remove conditions by 11:59 PM on the specified date but attempts to do so at 9:00 AM the following morning. What is the legal status of the agreement?
Correct Answer
B) The agreement is automatically null and void due to the missed deadline
When 'time is of the essence' is specified, deadlines become absolute and mandatory. Missing the condition removal deadline automatically terminates the agreement, regardless of how brief the delay, unless the seller voluntarily agrees to accept the late performance.
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