ContractsMEDIUM
In Michigan, time is of the essence means:
Correct Answer
B) Contract dates and deadlines must be strictly observed
When time is of the essence, all contract dates and deadlines must be strictly observed, and failure to meet them can be grounds for breach.
Answer Options
A
Deadlines are flexibleB
Contract dates and deadlines must be strictly observedC
Only closing date mattersD
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Related Topics & Key Terms
Related Topics:
contract-formationbreach-of-contractcontract-performancereal-estate-closing-process
Key Terms:
time is of the essencecontract deadlinesbreach of contractMichigan real estate contractsstrict performance
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