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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Definitions:

Big Five Personality

A theory that describes personality through five broad dimensions: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Diagnostic

Pertains to the process of identifying or determining the nature and cause of a disease or condition through examination of symptoms and tests.

Statistical Manual

Refers to a handbook used for diagnosis and classification of mental disorders, for example, the DSM (Diagnostic and Statistical Manual of Mental Disorders).

DSM

The Diagnostic and Statistical Manual of Mental Disorders, a manual published by the American Psychiatric Association that classifies and defines mental disorders.