ContractsMEDIUM
Under Pennsylvania law, time is of the essence means:
Correct Answer
B) Dates and deadlines in the contract must be strictly observed
Time is of the essence means that the dates and deadlines specified in the contract are essential terms and must be strictly observed.
Answer Options
A
Parties have unlimited time to performB
Dates and deadlines in the contract must be strictly observedC
Only the buyer must meet deadlinesD
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Related Topics & Key Terms
Related Topics:
contract-formationbreach-of-contractcontingencies-in-real-estate-contractscontract-performance-standards
Key Terms:
time is of the essencecontract deadlinesbreach of contractPennsylvania Agreement of Salematerial terms
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