New Jersey Real Estate Practice Exam Free Practice Question
Time is of the essence means
Correct Answer: B
Rationale: "Time is of the essence" emphasizes the importance of adhering to time limits specified in a contract. This means that deadlines are critical, and failure to meet them can result in a breach of contract.
Option A suggests urgency for closing but lacks the broader context of contractual obligations. Option C incorrectly implies that every action must occur on a precise date, which is not always feasible in practice. Option D misinterprets the principle, as it allows for the possibility of modifying time limits by mutual agreement, contrary to the strict interpretation of "time is of the essence."
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