ContractsBreach_and_remediesMEDIUM
A buyer and seller agree in the contract that failure to close by the stated date is a material breach. On the closing date, the buyer requests a 10-day extension. The seller refuses and declares the buyer in breach. Which clause supported the seller's position?
Correct Answer
B) Time is of the essence clause
A time-is-of-the-essence clause makes deadlines material, meaning failure to close by the stated date can constitute a breach.
Answer Options
A
Due-diligence contingencyB
Time is of the essence clauseC
Financing contingencyD
Protection clauseWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Contracts Question
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Background Knowledge for Contracts
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Real World Application in Contracts
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Related Topics & Key Terms
Key Terms:
breach_and_remediescontractstime_is_of_the_essencedeadline
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