"Time Is of the Essence" Makes Time Limits Set Forth

question 2

True/False

"Time is of the essence" makes time limits set forth in a contract strictly enforceable.

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Definitions:

Trade Deficit

A condition in which the total cost of goods and services a country buys from abroad is greater than the total cost of goods and services it sells to other countries.

Trade Surplus

A trade surplus occurs when a country exports more goods and services than it imports, indicating a positive balance of trade.

Goods

Tangible items that are produced or manufactured and can be bought, sold, or traded.

Services

Intangible products that are produced and consumed at the same time, offering value without transferring ownership.