"Time Is of the Essence" Means That the Time Limits

question 79

True/False

"Time is of the essence" means that the time limits set by the contract must be faithfully observed or the contract is voidable by the defaulting party.

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Definitions:

Ending Balance

The amount in an account at the end of an accounting period after all debits and credits have been accounted for.

Asset (A)

Resources owned by a company that have economic value and can provide future benefits.

Liability (L)

Financial obligations, debts, or responsibilities the company owes to others, measurable in monetary terms.