hard · National Real Estate Exam
An offer is made with a provision that 'time is of the essence.' This means:
- The contract is voidable if the closing is delayed by even one hour.
- Dates and times in the contract must be strictly adhered to, and failure to meet them is a material breach.
- The parties have a 24-hour grace period for all deadlines.
- The closing must happen as quickly as possible.
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