A Connecticut purchase agreement specifies a closing date of June 15. On June 14, the buyer's attorney discovers a title defect that cannot be resolved by June 15. The seller refuses to grant an extension and declares the buyer in default. Under Connecticut law, which of the following statements is most accurate regarding time-is-of-the-essence clauses?
Correct Answer
A) If the purchase agreement contains a time-is-of-the-essence clause, the June 15 closing date is strictly enforceable and the seller may declare default
In Connecticut, when a purchase agreement expressly includes a time-is-of-the-essence clause, the closing date is strictly enforceable. Failure to close on the specified date constitutes a breach of contract, and the non-defaulting party may exercise their contractual remedies. Unlike contracts without such a clause (where courts may allow reasonable time to perform), a time-is-of-the-essence provision removes that flexibility.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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