ContractsContract TermsMEDIUM
Time is of the essence in a South Dakota real estate contract means:
Correct Answer
B) Deadlines are strict and failure to meet them may constitute a breach
'Time is of the essence' means that the specified dates and deadlines in the contract are binding, and failure to perform by those dates may be grounds for the other party to declare a breach and seek remedies.
Answer Options
A
The contract must be signed quicklyB
Deadlines are strict and failure to meet them may constitute a breachC
The inspection must be completed in one dayD
The seller must respond to offers within 24 hoursWhy This Is the Correct Answer
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Related Topics & Key Terms
Related Topics:
breach-of-contractmaterial-breachdeadlinescontract-performance
Key Terms:
time is of the essencestrict deadlinesmaterial breachno extensionsdrop-dead date
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