Tennessee Real Estate License Exam 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 outlined in a contract. This principle ensures that deadlines are critical to the contract's performance, validating option B.
Option A suggests urgency for closing, which is too narrow and does not encompass the broader implications of all contractual obligations. Option C inaccurately implies that every act must occur on a specific date, overlooking the possibility of flexibility within certain timeframes. Option D incorrectly asserts that time limits are immutable, disregarding the potential for parties to mutually agree on modifications.
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