Under Pennsylvania law, time is of the essence means:

A is incorrect because it directly contradicts the meaning of 'time is of the essence.' This phrase actually imposes time limitations rather than providing unlimited time. In fact, when time is specified as essential, parties lose the flexibility to perform at their convenience.

C is incorrect because 'time is of the essence' applies to all parties bound by the contract, not just the buyer. Both buyer and seller must meet their respective deadlines, as failure by either party can constitute a breach of contract.

D is incorrect because extensions are not automatically granted when time is of the essence. In fact, strict deadlines typically mean that extensions require mutual agreement and formal documentation, as the original time limits are considered essential terms.