What Is the Significance of a Contract Clause Stating That

question 17

Multiple Choice

What is the significance of a contract clause stating that "time is of the essence?"

• A) It creates a legal goal for the parties.
• B) It puts a duty on the parties to a contract to perform as soon as possible.
• C) It means that the contract is ineffective if the time for performance is not expressly stated.
• D) It means that performance by the stated time is an express condition.
• E) It means that if performance of the contract is completed within a short time of the stated time, it will be considered performed at essentially the proper time.

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