easy · National Real Estate Exam contracts
An offer is made with a provision that 'time is of the essence.' This means:
- The contract automatically becomes voidable if the closing is delayed by even a single hour.
- Dates and times in the contract must be strictly adhered to, and failure to meet them is a material breach.
- The parties are automatically granted a full 24-hour grace period covering every contract deadline.
- The closing must simply happen as quickly as the parties can reasonably manage it, without any fixed deadlines.
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